Final answer:
The insured must typically be deceased for beneficiaries to receive the whole life policy's face amount, which is the death benefit. However, there is also a cash-value component accessible during the policyholder's life.
Step-by-step explanation:
The age at which the insured must attain in order to receive the whole life policy's face amount is typically the end of life, as the death benefit is paid out to beneficiaries upon the passing of the insured. However, cash-value life insurance policies also accumulate an account value over time that the policyholder can borrow against or withdraw during their lifetime under certain circumstances. Nonetheless, the primary function of life insurance is to provide a death benefit to the insured's beneficiaries, which is the agreed-upon face amount of the policy.