What type of life insurance policy has premium payments that continue until death or age 100?

A whole life policy is designed to provide coverage for the entire lifetime of the insured, and premium payments under this policy continue until the insured's death or until they reach the age of 100. This kind of policy ensures that the beneficiary will receive a death benefit, regardless of when the insured passes away, as long as premiums are maintained.

Whole life policies combine a savings component with the death benefit, which means that a portion of the premium goes towards building cash value over time. This cash value can be borrowed against or withdrawn, making it a unique feature of whole life insurance when compared to other types of life insurance policies.

In contrast, other mentioned types of policies operate differently: term life policies provide coverage for a specified term and do not build cash value; endowment policies typically pay a benefit either upon death or when the insured reaches a certain age, often maturing before age 100; and universal life policies offer flexible premium payments and an adjustable death benefit, often differentiating from the fixed premium requirement of whole life policies.