Co-Founder, Coastal Financial Partners Group, California
Life insurance expires on the maturity date of the policy or earlier in the case of cash value policies that lapse due to insufficient policy values. Term policies self terminate relatively early and without value.
The maturity date of permanent policies issued in recent years is usually extended by policy provision or rider past age 100 to ensure the policy only matures due to death of the insured.
Properly funded Whole Life insurance will pay the death benefit upon the death of the insured or the maturity date, whichever comes first. Term life insurance will not pay the death benefit beyond the term. Most Term policies do have a renewable period after the term ends, but premiums are much higher and may increase annually.
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The maturity date of permanent policies issued in recent years is usually extended by policy provision or rider past age 100 to ensure the policy only matures due to death of the insured.