What type of life insurance policy covers two or more persons and pays the face amount upon the death of the first insured?

The type of life insurance policy that covers two or more persons and pays the face amount upon the death of the first insured is a joint life insurance policy. This type of policy is specifically designed to provide a death benefit when the first named insured passes away.

Joint life insurance is particularly beneficial for couples or partners, as it allows for financial support to the surviving party upon the death of the first insured. It simplifies the insurance process by covering multiple individuals under one policy, which can often be more cost-effective than purchasing individual policies.

In contrast, whole life, term life, and universal life insurance policies typically cover one person. Whole life insurance provides coverage for the insured's entire lifetime, term life insurance provides coverage for a specified term, and universal life insurance offers flexible premiums and death benefits, but none of these options operate on the principle of paying out upon the first death among multiple insured parties like a joint life policy does.