Single life:
This is cover on one life only. The benefit is paid when this person dies.
Joint life:
This is cover on two lives. There is only one payment made under the policy. Typically, the payment is made when the first of the two people covered dies although some joint life policies may pay on the second death instead of the first death. The policy ends after the first pay out.
Dual life:
This cover is on two lives separately. If both people die during the term, the payment on death of each life is covered by the policy on death. If one person dies, the cover on that person is paid, the premium will reduce to continue the cover on the second person on the policy. This is the best type of policy to put in place for personal or family protection.