Spouses want to purchase a life insurance policy that will pay benefits at the death...

Ajoint life policy(also called a first-to-die policy) covers two or more individuals (e.g., spouses) and pays the death benefit upon the death of the first insured. This contrasts with asurvivorship life policy(second-to-die), which pays after both insureds die. Joint life policies are used for purposes like mortgage protection or family income needs (Title 36 O.S. § 4002).

Option A: Correct. A joint life policy pays benefits at the first spouse’s death.

Option B: Incorrect. A variable life policy is a permanent policy with investment options, not tied to joint coverage.

Option C: Incorrect. A universal life policy is flexible permanent insurance, not specifically joint.

Option D: Incorrect. A survivorship life policy pays after both spouses die.