Ted, a new client, has listened to your description of a participating whole life policy. However, he is unclear as to what whole life means and how turning 100 will affect the premium payments. Which of the following statements is the correct one you should provide to Ted?

a) A whole life contract matures at age 100, becomes paid up, no further premiums are due, and coverage continues until death.

b) Premiums will be due until Ted dies, but the participating policy guarantees that at age 100, the cash surrender value will cover premiums.

c) Premiums will be due until Ted dies, or surrenders the policy, or reaches age 100.

d) A whole life policy matures at 100 and the benefit amount is paid to the beneficiary.