What is "survivorship life insurance" also known as?

Survivorship life insurance is often referred to as joint life insurance because it insures two lives under a single policy. This type of policy is typically designed for couples, such as spouses, and pays out a death benefit only after both insured individuals have passed away. The concept is built around the idea that the benefits will help cover estate taxes or provide an inheritance to heirs, which might not be needed until the second person's death.

Joint life insurance also allows for lower premiums compared to two separate policies since it covers multiple individuals within one contract. The other choices do not correlate with survivorship life insurance; for instance, temporary life insurance provides coverage for a specific period and does not involve multiple lives, while trustee life insurance is focused more on the management of assets in trust and single life insurance is issued to only one individual.