With a Straight Life policy, what happens if the insured lives to age 100?

In a Straight Life policy, if the insured reaches age 100, the policy matures. This means that the insurance company is obligated to pay out the cash value of the policy to the insured. At this point, the contract has fulfilled its purpose of providing lifetime coverage, and the cash value that has accumulated over the years is disbursed. This feature allows the insured to benefit from the policy's savings component since they have lived to this significant age.

The maturity of the policy at age 100 indicates that it has provided coverage for the entire lifetime of the insured, and now they have the opportunity to access the cash value directly. This payout can be particularly helpful for individuals at this stage of life, as they might be looking for ways to utilize the funds for various needs or expenses.