Most whole life policies endow at age 100. When a policyholder outlives the policy, the insurance company may pay the full cash value to the policyholder (which in this case equals the coverage amount) and close the policy. Others grant an extension to the policyholder who continues paying premiums until they pass.
How long do you pay premiums on a whole life policy?
Premiums are paid until you reach age 100, even though coverage continues to age 121. Some of our DreamSecure Whole Life policies require premiums to be paid only for a limited number of years.
How do I stop paying whole life insurance?
Typically for whole life plans, the policy is designed to endow at maturity of the contract, which means the cash value equals the death benefit. If the insured lives to the Maturity Date, the policy will pay the cash value amount in a lump sum to the owner.