What type of insurance policy requires only a premium payment at its inception and matures when the insured reaches age 100?

A Single Premium Whole Life policy requires only a one-time premium payment made at the beginning of the policy. This type of policy is designed to provide lifelong coverage and remains in force as long as the insured person is alive, maturing when the insured reaches age 100. Upon reaching this age, the policy pays out its face value to the policyholder or the designated beneficiaries.

The one-time premium payment provides a streamlined and straightforward option for individuals seeking permanent life insurance without the ongoing financial commitment of regular premium payments. This can be particularly appealing for those who prefer a single investment rather than managing multiple payments over the years.

In contrast, other options such as Universal Life and Whole Life typically involve flexibility in premium payments or a structure that requires ongoing contributions. Term Life is primarily designed for temporary coverage and does not result in cash value accumulation or payouts at a specific age, focusing on a limited term rather than a maturity age like 100. Understanding these distinctions helps in recognizing why the single premium option fits perfectly with the described policy characteristics.