What type of insurance is designed for two individuals but pays a benefit only upon the first death?

Joint Life Insurance is designed specifically for two individuals and pays a benefit upon the first death. This type of policy is unique because it covers two people under a single contract but only provides a payout to the beneficiaries after one of the insured individuals passes away. This feature makes it particularly useful for couples or business partners who want to ensure financial support for the surviving party, whether through income replacement or a way to cover debts and expenses.

Survivorship Life Insurance, in contrast, pays out only after both individuals have passed, which is not the focus of the question. Whole Life Insurance and Term Life Insurance are types of individual policies that provide coverage on a single person, rather than two individuals together. Whole Life Insurance offers lifelong coverage with a cash value component, while Term Life Insurance provides coverage for a specific term without a cash value. Hence, the key defining feature of Joint Life Insurance is its provision of benefits on the first death, which makes it the correct answer.