When does a term life insurance policy typically mature?

A term life insurance policy typically matures upon the insured's death during the policy term. This means that if the insured passes away while the policy is active, the insurance company pays out the death benefit to the beneficiaries designated in the policy. The primary purpose of term life insurance is to provide financial protection for a specified period, and the coverage is contingent upon the occurrence of the insured's death within that timeframe.

The other scenarios mentioned do not correctly represent the maturation of a term life insurance policy. The end of the policy term does signify that the coverage will cease, but it does not constitute maturation in the sense of a benefit being paid out. Full recovery of the insured or the last premium payment does not trigger any payout; rather, these situations relate to the status of the policy rather than the initiation of benefits. The essential aspect of term life insurance is that it is designed to pay out only when the insured dies while the policy is still active.