When will a 20-pay whole life policy endow?

A 20-pay whole life policy is designed to be paid up after 20 years of premium payments. Endowment in the context of life insurance refers to the policy's cash value equating to the face amount of the policy at a certain age, thereby providing a death benefit if the insured passes away or a payout if they live to that age.

In the case of a whole life policy, it is generally structured so that it will endow when the insured reaches a specific age, which is typically age 100. This means that by reaching age 100, the cash value of the policy has fully accumulated to the point where it equals the face value, allowing for a payout. If the insured lives to this age, the insurance company must pay out the full benefit to the policyholder.

Although the policyholder has made payments for 20 years, that doesn't constitute the endowment in this scenario. Instead, it is the age at which the policy reaches its endowment value that is key. Thus, the correct answer indicates that the policy will endow when the insured reaches age 100.