<P> The death benefit of a whole life policy is normally the stated face amount . However, if the policy is "participating", the death benefit will be increased by any accumulated dividend values and / or decreased by any outstanding policy loans . (see example below) Certain riders, such as Accidental Death benefit may exist, which would potentially increase the benefit . </P> <P> In contrast, universal life policies (a flexible premium whole life substitute) may be structured to pay cash values in addition to the face amount, but usually do not guarantee lifetime coverage in such cases . </P> <P> A whole life policy is said to "mature" at death or the maturity age of 100, whichever comes first . 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 . </P> <P> The entire death benefit of a whole life policy is free of income tax, except in unusual cases . This includes any internal gains in cash values . The same is true of group life, term life, and accidental death policies . </P>

When is a whole life insurance policy designed to mature or endow
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