Which type of multiple protection policy pays on the death of the last person?

The survivorship life policy is designed specifically to provide a benefit upon the death of the last insured individual. This type of policy typically covers two lives and pays out the death benefit only after both insured persons have passed away. It is often used in estate planning, especially to ensure that funds are available for heirs or to cover estate taxes after both parents have died.

In contrast, a joint life policy pays out on the death of the first insured individual, which means it does not wait for the second individual to pass away. A dual life policy, similarly, functions like a joint life policy without the specific focus on the timing of the death benefits. Likewise, a multiple life policy generally refers to insurance covering more than one person but does not specify that it pays only after the last insured has died, which distinguishes it from the survivorship life policy.

Therefore, the survivorship life policy is the correct answer because its principal feature is that it pays the death benefit only after the last insured individual has died, fulfilling the criteria specified in the question.