When you buy life insurance for life—also known as permanent life insurance—you expect it to stay with you for the long haul. But what exactly happens to that policy as you get older, especially when you reach advanced ages like 80, 90, or even 100?

Does it expire? Does it keep building cash value? Will your premiums increase?

These are common (and important) questions, especially if you or a loved one is approaching their golden years. In this article, we’ll explain what happens to permanent life insurance as you age, and what you should be prepared for as the policy matures.

A Quick Refresher: What Is Life Insurance for Life?

Life insurance for life refers to permanent policies—including whole life, universal life, and variable life insurance. Unlike term policies, which expire after a fixed period, permanent policies are designed to last your entire lifetime, as long as you keep up with the premium payments.

Key features include:

• Lifelong coverage
• Guaranteed death benefit
• Cash value accumulation

But “lifelong” doesn’t always mean forever, especially when it comes to technical policy terms. Here's what that means as you age.

What Happens at Age 80 or 90?

1. Your Policy Should Still Be Active

If you’ve been paying your premiums as agreed (or if your policy is fully paid-up), your coverage remains in force. That means:

• Your beneficiaries are still entitled to the full death benefit.
• Your cash value may still be growing, though likely at a slower rate.
• You may have the option to access the cash value if needed—through loans or withdrawals.

At this stage, your policy functions as it always has, but it’s important to review your policy annually to ensure it’s performing as expected, especially if you own a universal or variable life policy, where performance depends on interest rates or investment returns.

2. Premiums May or May Not Be Required

Many people buy policies that are paid-up by a certain age—for example, paid-up at 65. This means no further premiums are required, and the policy stays in force for life.

However, some policies, especially flexible premium universal life insurance, may require ongoing payments if cash value or interest rates haven’t performed as projected. If you’re uncertain, check with your insurer or advisor.

What Happens at Age 100?

This is where things can get a bit more technical. Traditionally, most whole life insurance policies mature at age 100. That means:

• The policy reaches its maximum age under the contract.
• The cash value equals the death benefit.
• Depending on the policy terms, the insurer may:
  • Pay out the full cash value to you (considered a maturity payout), or
  • Extend the death benefit coverage, sometimes requiring an update to the contract.

Newer policies often extend the maturity age to age 121, in line with increasing life expectancy and modern actuarial tables.

If Your Policy Matures at 100:

• Some older policies will automatically pay out the cash value and terminate the coverage.
• This payout may be taxable, depending on how much you've paid into the policy (your cost basis) versus the cash value received.
• Some insurers now offer the option to keep the policy in force beyond 100, especially with newer contracts.

Planning Tips as You Approach Advanced Age

1. Review Your Policy Documents

Find out your policy’s maturity date, cash value performance, and whether premiums are still required. This gives you time to plan ahead and avoid any surprises.

2. Speak to Your Insurance Agent or Advisor

Policies written decades ago may need to be updated or adjusted based on today’s life expectancy. Some insurers allow for policy extensions beyond 100, but you may need to formally request it.

3. Understand the Tax Implications

If your policy matures and pays out the cash value while you’re alive, it could trigger a taxable event. Work with a tax professional to understand how to minimize or manage this.

4. Consider Gifting or Trust Strategies

If your goal is to leave a legacy or avoid tax complications, placing your policy into a trust or using it for charitable giving can preserve the benefit for your heirs or causes you care about.

What About Policies That Don’t Last for Life?

Not all “life insurance” policies are truly permanent. If you own:

• Term life insurance, coverage will expire at the end of the term (typically by age 80–85).
• Some universal life policies, they may lapse if the cash value is depleted and premiums are insufficient—especially at older ages with rising insurance costs.

This is why ongoing policy reviews are essential, especially with flexible premium policies.

Conclusion: Know What to Expect—And Prepare for It

Life insurance for life can be a powerful financial tool, even into your 80s, 90s, and beyond. But just because it’s called “permanent” doesn’t mean it runs on autopilot forever.

By staying informed about how your policy works—and what happens as you age—you can make better decisions, protect your legacy, and avoid costly surprises.

Whether your policy matures at 100 or continues to 121, what matters most is that you’ve used it wisely—to care for your loved ones, transfer wealth efficiently, and bring peace of mind to your final years.