In a joint and survivor life policy, when does the policy pay out?

In a joint and survivor life policy, the benefits are structured to provide a payout upon the death of the last insured person. This type of policy is designed to cover two individuals, typically spouses or partners, and ensures that there is a financial benefit available as long as at least one of the insured individuals is alive. The key aspect of this policy is that it does not pay out upon the first death; rather, it continues to provide coverage until both parties have passed away. This makes it particularly useful for couples who want to ensure that financial support remains available until both have died, addressing concerns around long-term financial security for beneficiaries.