There are two common types of joint life insurance:

1. First-to-die policy: With this type of joint life insurance, the policy pays out the death benefit when the first insured person dies. Once the benefit is paid, the policy typically terminates, and the surviving individual is no longer covered.

2. Second-to-die policy: Also known as survivorship life insurance, this type of joint life insurance pays out the death benefit only when both insured individuals have passed away. It is often used for estate planning purposes or to provide for dependents after both individuals have died.

Joint life insurance can be a cost-effective option compared to purchasing separate policies for each individual. However, it’s important to carefully consider the specific needs and circumstances of the insured parties before choosing this type of coverage. Consulting with an insurance professional can help you understand the available options and make an informed decision based on your specific situation.