What type of policy covers two or more persons simultaneously, with the face amount paid upon the death of any insured?

A Joint Life Policy is specifically designed to provide coverage for two or more insured individuals under a single policy. In the event of the death of any one of the insured persons, the policy pays out the face amount to the beneficiary. This type of policy is often used in situations such as couples or business partners who want to ensure financial protection for their loved ones or business interests upon the death of one of the insured individuals.

Each of the other policy types serves a different purpose. For example, a Group Life Policy typically covers a group of people, often through an employer, and provides a death benefit to beneficiaries but does not operate on the same principle as a Joint Life Policy where payment occurs upon the death of any insured person in the group. A Whole Life Policy is an individual policy that provides coverage for the lifetime of the insured and accumulates cash value but does not pay out until the insured's death. Lastly, an Endowment Policy is designed to pay a benefit either upon the death of the insured before a specified term or at the end of that term, but it does not cover multiple insureds simultaneously like a Joint Life Policy does.