Which type of life insurance provides payment only after the second insured dies?

Joint and survivor life insurance is designed specifically to provide a benefit only after the second insured person passes away. This type of policy is often used by couples, as it ensures that the surviving spouse or partner may continue to rely on the death benefit after both insured individuals have died.

The key feature of joint and survivor policies is their structure, which typically involves two lives being insured under one policy. The death benefit is paid out only after both individuals have died, making it distinct from other types of life insurance, which may pay out upon the death of the first or only insured. This ensures financial protection for the surviving spouse and can help with estate planning or providing for dependents after both parties have passed.

The other types of life insurance mentioned do not follow the same payout structure. Whole life insurance pays a benefit upon the death of the insured, term life insurance provides coverage for a specified term and pays out if the insured dies during that term, and universal life insurance offers flexible premiums and payouts but, like whole life, pays out upon the death of the individual insured, not contingent upon a second person's death.