Final answer:
Survivorship life insurance is a type of policy covering two or more people with the benefit payable after the last person's death, typically used in financial or estate planning.
Step-by-step explanation:
The type of life insurance policy that covers two or more people with the death benefit payable upon the last person's death is known as Survivorship life insurance, also referred to as second-to-die insurance. This policy is different from Term life insurance, Whole life insurance, and Universal life insurance, as it specifically caters to couples or partners, allowing them to ensure that their beneficiaries are provided for without the benefit being paid out until both insured parties have passed away.
Survivorship life insurance can be an essential part of a family's financial planning or estate planning, particularly when it comes to paying estate taxes or caring for a dependent with special needs after both policyholders have died.