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what happens to money invested in whole life insurance if I live to 105?

I am 60 and bought a whole life policy about a year ago but what if I live to 105? Is there insurance available after age100? ,

Public Comments

1. The death benefit is paid to you upon reaching the maturity age of the policy. If the maturity age on your policy is lower than 105, it would have already paid out and there would no longer be a policy.
2. I'm sorry to have to tell you this, but Whole Life Insurance is NOT a good way to go. Insurance companies like to sell Whole Life Insurance because it makes Big Bucks for them but it does so at the policy purchasers expense. First ask yourself, "What is (true) life insurance really FOR?" Life insurance, in its pure sense, is meant to protect the policy-owner's loved ones from catastrophic financial loss should the policy-owner die. It's usually purchased by the breadwinner(s) of young families to protect the spouse and young children from financial hardship should they die (it's called Term Life Insurance and it's relatively very inexpensive because young, healthy breadwinners don't usually die. The policies are usually set to expire in 20 or 30 years--but that's okay, because by then the children are grown up and on their own and ideally the aging parent(s) have enough savings set aside by then to take care of themselves (they've put all the money they saved by NOT buying a Whole Life Insurance policy into the stock market or a savings plan). So I have to wonder why a 59 yo woman (about my age) would want to invest in a Whole Life Insurance policy in the first place? Given the high premiums and the low return, what do you possibly have to gain by having such a policy? You aren't protecting any dependents. You only come out ahead dollar-wise if you die soon, and what good is that? If I were you, I'd discuss this with money-savvy friends (not including insurance salesmen); then, after hearing what they had to say, I'd cancel my WLI policy and put my money into savings instead. Be thankful that you've only had the policy for one year! Good luck.
3. just to answer your question: most life insurance matures at 100 and some 99. whatever cash value from the policy will be returned to you when the policy matures. you will have to use that money for the years beyond 100 which should be one of the purposes of buying this insurance in the 1st place. if you have no dependants to take care of if things happen to you, then what is more important should be hospitlaisation coverage and not death coverage. you can consider maybe a small term life insurance for burial expenses. if you have lump sum to invest, you can probably consider annuity too.
4. Check the policy document and also the insurance company website.
5. It depends on the policy. It's usually designed to 'endow' at or around age 100 which means the cash value would be equal to the face value. Most policies now are usually set to continue to age 125 or even beyond. Ignore the advice on opening a savings account, because last I checked if you put $1000 into a savings account and die you only get $1000 plus some interest. SO, if you need insurance the savings account just isn't going to cut it. You'll be the one determining if you need insurance and a term insurance policy for a 60 year old is counter productive if you want coverage for a long period of time.
6. Life insurance is primarily a DEATH PLANNING tool - unless you have a large estate and tax issues, if INVESTING is your goal, life insurance is probably the wrong tool. Insurance isn't available after the age of about 76. With whole life, by the time you reach 95, your policy has "matured" - that means, you've paid enough in, that the cash value equals the death benefit. And then that cash value/death benefit gets paid out to you. YOUR AGENT should be explaining that to you . . . and if you can afford a whole life policy at the age of 60, you should ALSO be using a financial planner to plan out your estate.
7. Message to Kor: After age 60 many companies require you purchase a policy for $100K at least so it is difficult to find a policy just for final expenses. I have looked. I found that whole life is a better way because it pays dividends and you can use the equity to pay your premiums after a period of time. But getting a small one is not easy. The premiums were not much different than a term life but that is risky if you don't die before the term is up, right? If you survive the term and they want it to be 10 years if you are over 60, you get nothing after paying premiums for 10 years. All you can do is to renew it another 10 years and then if you are dead, I dont know if it would pay off.
8. It depends what the policy book says. If the policy book says the coverage is only good until age 100, then after that you will get the cash value out of it and that's it. Many policies these days offer coverage past age 100, but every company is different. Some companies offer Term to 100, Plus Values, some offer flat out whole life that doesn't have an expiry date.