Final answer:
A Joint Life Insurance or Survivorship Life Insurance policy covers two or more individuals with the death benefit payable after the last insured person dies.
Step-by-step explanation:
The kind of life insurance policy that covers two or more people with the death benefit payable upon the last person's death is commonly known as Joint Life Insurance or a Survivorship Life Insurance policy.
These policies are typically used by spouses or partners and pay out the death benefit after the second insured person has passed away, ensuring that the remaining policy beneficiaries are financially supported.
Cash-value life insurance, also known as whole life insurance, is a type of policy that offers a death benefit in addition to a cash value accumulation feature
This cash value can often be borrowed against or may serve as an additional financial resource for the policyholder during their lifetime.Calculating life insurance premiums involves considering the risk factors, such as a family history of illnesses like cancer.
Insurance companies use actuarial data to determine the likelihood of a claim being filed and to set fair premiums for different groups or for a combined group, without detailed individual risk information.
Learn more about Joint Life Insurance