Final answer:
Joint life insurance with a last survivor policy covers two or more people, and the death benefit is payable upon the death of the last surviving individual.
Step-by-step explanation:
What you are describing is a type of life insurance called joint life insurance, specifically the last survivor policy. This type of insurance covers two or more people, such as a couple, and the death benefit is payable upon the death of the last surviving individual. It is often used by couples to provide financial protection for their dependents or to cover estate taxes.
For example: Let's say John and Jane have joint life insurance with a last survivor policy. If John passes away first, the policy continues and Jane remains insured. The death benefit is payable when Jane passes away.