How does a joint life policy differ from individual life insurance policies?

A joint life policy indeed covers multiple individuals under one contract, which is its defining characteristic. This type of policy typically insures two or more people, often spouses or partners, and pays out a benefit upon the death of one of the insured individuals. The key distinction here is that individual life insurance policies are designed to cover a single individual, where the coverage and premiums are based primarily on that one person's risk profile and health status.

By allowing multiple individuals to be insured under a single policy, joint life policies facilitate simplicity and cost-effectiveness for families or business partners who might prefer a common coverage solution instead of managing separate policies. The structure of a joint policy can vary—such as first-to-die, which pays out upon the death of the first insured person, or second-to-die, which pays at the death of the last insured individual.

While certain other attributes like cash value components or specific underwriting requirements may apply to both policy types depending on the plan, the core difference highlighted in this question revolves around the multi-individual coverage structure that a joint life policy provides.