When is the face amount of a Whole Life policy paid?

The face amount of a Whole Life policy is paid either when the insured passes away or at the policy's maturity date, which is usually when the insured reaches a certain age, typically age 100 in most policies. This structure is fundamental to Whole Life insurance as it provides lifelong coverage, which is designed to be in effect for the insured's entire lifetime. If the insured dies before reaching this age, the policy pays out the death benefit to the beneficiaries. If the insured lives to maturity, the policy pays out the face amount directly to the policyholder. This dual trigger mechanism ensures that the face amount will ultimately be paid regardless of when the insured's life ends, provided that the premiums have been paid and the policy is in force.