Final answer:
A cash-value (whole) life insurance policy pays out the face value either upon the insured's death or when they reach age 100, including both a death benefit and a growing cash value component.
Step-by-step explanation:
The kind of life insurance policy that pays the face value upon the death of the insured or when the insured reaches age 100 is known as a cash-value (whole) life insurance policy.
These policies include both a death benefit and a cash value component, which accumulates over time and can serve as an account for the policyholder's use.
This type of policy ensures that whether the policyholder lives to age 100 or passes away before that time, the face value will be available either to the policyholder or their beneficiaries.
A life insurance policy that pays the face value upon the death of the insured or when the insured reaches age 100 is called a whole life insurance policy.
Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured. It also builds cash value over time, which can be used by the policy owner.