Single life – covers only one life insured and pays out once.
Joint life – a joint life insurance policy covers two people and pays out once. It is policy that provides cover for two people and pays out a benefit on the first death, of either insured person and therefore will only pay out a benefit once. This is why joint life cover is usually cheaper than dual life cover.
Dual life – covers two people independently. It is a life insurance policy that provides cover for two people and continues after the first person dies. It pays out benefits on each death. It could potentially pay out twice during the course of the policy.