What type of life insurance is designed to insure two or more lives under a single policy?

Joint Life Insurance is specifically designed to cover two or more lives under a single policy. This type of insurance can provide a benefit to the beneficiaries upon the death of one of the insured individuals, making it a suitable option for couples or business partners who want to ensure financial protection for their loved ones or each other.

The policy typically pays out at the first death of one of the covered individuals, which can be particularly beneficial in estate planning and financial arrangements. This structure simplifies the insurance process by consolidating multiple lives into one policy, which can also lead to lower premiums compared to purchasing separate policies for each individual.

In contrast, the other types of life insurance mentioned have different focuses: Variable Life Insurance involves investment components and fluctuating premiums; Whole Life Insurance provides lifetime coverage with a savings component; and Term Life Insurance covers a specified period without accumulating cash value. These differences highlight why Joint Life Insurance is the correct answer for a policy encompassing multiple lives in one plan.