What does it mean for a whole life policy to endow at age 100?

A whole life policy endowing at age 100 means that the policy will payout the face value to the insured when they reach that age, assuming they are still alive. Whole life insurance is designed to provide lifelong coverage and, as part of its structure, accumulates cash value over time.

When a whole life policy endows, it signifies a point at which the cash value has equaled the death benefit, typically at age 100. At that time, the insurer pays out the face amount of the policy to the insured. Thus, it is a mechanism that guarantees the insured will receive funds either through death benefits or living benefits if they reach the endowment age, ensuring that the policyholder has access to the value built during their lifetime.

The other choices do not accurately reflect the mechanics of a whole life policy. For example, while a policyholder may have options regarding the policy's continuation or modifications, they do not actively have to choose to end it at age 100; the policy naturally matures. Additionally, converting to a term insurance or lapsing the coverage after age 100 are not features associated with this kind of policy, making the concept of endowment specifically relevant.