when is a whole life insurance policy designed to mature or endow
Whole life insurance A whole life policy is said to "mature" at death or the maturity age of 100, whichever comes first.[2] To be more exact the maturity date will be the "policy anniversary nearest age 100". The policy becomes a "matured endowment" when the insured person lives past the stated maturity age. In that event the policy owner receives the face amount in cash. With many modern whole life policies, issued since 2009, maturity ages have been increased to 120. Increased maturity ages have the advantage of preserving the tax-free nature of the death benefit. In contrast, a matured endowment may have substantial tax obligations.
Retirement Retirement, or the practice of leaving one's job or ceasing to work after reaching a certain age, has been around since around the 18th century. Prior to the 18th century, the average life expectancy of people was between 26 and 40 years.[6][7][8][9][10][11] Due to this, only a small percentage of the population were reaching an age where physical impairments began to be obstacles to working. Retirement as a government policy began to be adopted by countries during the late 19th century and the 20th century, beginning in Germany under Otto Von Bismarck.[12]