A separate life insurance policy covers an individual, and in the event of their death, the insurance company pays the death benefit. There are two main types of individual life insurance: term and permanent. Term policies provide coverage for a specified period, usually 10 to 30 years, while permanent policies last for your lifetime and do not expire. Separate life insurance policies are independent of your marital status.

Joint life insurance policies, also known as dual life insurance policies, cover both spouses. These policies are commonly used by married couples who want to provide coverage for both spouses under one policy. Married couples can consider purchasing joint life insurance policies to lower insurance costs and protect assets from tax implications after the death of one spouse.

There are two options for joint life insurance: first-to-die and second-to-die. In a first-to-die policy, the surviving spouse receives the death benefit upon the death of the other spouse. In a second-to-die policy, also known as a survivorship policy, the death benefit is paid to the beneficiaries after the deaths of both spouses.