A joint life policy covers:

A joint life policy is designed to provide coverage for two individuals, and it pays out the death benefit upon the death of the first insured person. This type of policy is often used in situations where the lives of two people are interlinked, such as spouses or business partners, where the financial implications of one person's death could greatly impact the other.

By paying the death benefit when the first person dies, the policy helps mitigate the financial burden on the surviving individual and can be particularly useful for funding expenses that may arise due to the death, such as outstanding debts, funeral costs, or loss of income.

In contrast, other types of policies, such as a survivor life policy, pay out the death benefit only upon the death of the last insured. A policy that covers only one insured at a time or multiple lives with separate death benefits does not fit the definition and functionality of a joint life policy, which specifically relates to the first death among the two covered individuals.