What happens when a whole life insurance policy matures?
A whole life insurance policy remains in effect as long as the policyholder pays the premiums. However, there may be an age at which the life insurance policy "matures." For example, the policy might mature when the policyholder turns 100 or older.
When this happens, the insurer typically will pay out the full cash value of the policy to the policyholder and close the policy. Some insurers might offer an extension to the policyholder if he or she continues to pay premiums.