Definition - What does Maturity Date mean?
A maturity date is the exact time at which a financial obligation must be paid in full. In insurance, it is the time when the insurer pays the insured the money owed to them, as stipulated in the insurance contract.
Insuranceopedia explains Maturity Date
When a loan borrower owes a financial institution money, the maturity date is the day they should settle all of their accounts and pay their debts.
Certain insurance policies can be monetized when the policyholder reaches a certain age. The money received at the maturity date will be taxed, but the insured can choose to extend the maturity date of their policy as part of their tax planning strategy.