Joint life insurance and survivorship life insurance are policies that cover multiple individuals, often spouses. However, they differ in how the death benefit is paid out. With joint life insurance, there are individual death benefits for each insured person. If one insured person dies, a death benefit is paid out for that person, and the policy remains in effect for the surviving insured person. On the other hand, survivorship life insurance pays out a single death benefit only after both insured individuals have passed away. This type of policy is commonly used for estate planning purposes and to provide financial protection for beneficiaries or heirs after the death of both insured individuals.