What type of insurance policy provides coverage until the insured's age 100 and requires a single premium payment?

The insurance policy that offers coverage until the insured reaches age 100 and requires a single premium payment is single premium whole life. This type of policy provides lifelong coverage and is designed to remain in force as long as premiums are paid, which is met by the single premium payment option.

In the case of single premium whole life insurance, the initial premium is invested and helps build the cash value from the outset, making it an appealing option for individuals looking for permanent life insurance without the need for ongoing premium payments. The policy not only provides a death benefit but also accumulates cash value over time, which the policyholder can access if needed.

Other types of policies mentioned serve different purposes. For example, modified endowment contracts have specific tax implications and guidelines but do not necessarily follow the same structure as whole life. Level term life insurance typically provides coverage for a specified period without building cash value, thus not aligning with the lifelong coverage aspect. Graded premium whole life policies involve gradually increasing premiums over time, distinguishing them from the flat premium structure of a single premium whole life policy.