Final answer:
The age at which the insured receives the policy's face amount from life insurance is typically at the time of their death; however, some policies may allow access to benefits earlier under certain conditions. Life insurance calculations and premiums are determined by the insured's risk profile, including age and health.
Step-by-step explanation:
The age the insured must attain to receive the policy's face amount depends on the type of insurance policy. Life insurance policies pay out the face amount typically upon the death of the insured. However, certain types of policies like universal or whole life insurance may allow the policy owner to access cash value or other benefits before death, under specific circumstances. Within retirement or pension context, such as Social Security benefits, the typical age to receive benefits is around 65, as mentioned with widows receiving monthly benefits, or earlier if there are qualifying conditions.
Life insurance premiums and the probabilities of payout can be calculated using actuarial science, which employs statistical methods to assess risk. Premiums are set based on a variety of factors, including age, health, and family medical history. These factors help insurance companies predict the likelihood of a claim being made.