It's a life insurance policy that insures the life of only one person.
This is the standard and most common type of life insurance.
Survivorship life insurance is a type of joint life insurance policy designed to cover two people (usually spouses) instead of just one. It only pays out a death benefit after both policyholders have passed away.
The two basic types of individual life insurance policies are Term life insurance and Permanent life insurance.
Term life is temporary, providing coverage for a period of 30 years, or less.
While permanent life insurance provides lifetime protection.
Learn more about individual life insurance policies.