All of the following statements regarding specialized forms of life insurance are correct EXCEPT?

A joint life insurance policy is accurately described as a policy that covers two individuals, but it does not fall under the category of term life insurance. Instead, it is considered a permanent life insurance product. The primary characteristic of joint life insurance is that it pays the death benefit upon the death of the first insured individual, which is a unique feature that distinguishes it from other life insurance products.

Understanding the other types of specialized life insurance clarifies why the other statements hold true. Juvenile life insurance indeed functions as a permanent insurance product where a parent or guardian owns the policy while the child is the insured; this aims to provide lifelong coverage from a young age. Survivorship life insurance, often referred to as "second-to-die" insurance, is also a form of permanent insurance that covers two individuals, releasing the benefit after the second insured passes away, which is often used for estate planning. Jumping juvenile life insurance typically allows for an increase in the face amount at pivotal ages, providing additional financial security as the child matures.

This context showcases that the other statements cohesively obey the definitions and characteristics of the respective types of life insurance, reinforcing the idea that the description of a joint life insurance policy as a term product is inaccurate.