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More commonly, maturity date refers to a date that has been set at the time you purchased the policy, when the cash value equals the death benefit. If you have not died before that time, you can then take out the cash value/death benefit on the maturity date.
Term life insurance does not have cash value, so it would not pay out anything on the maturity date.
And that is the thing to be aware of with term policies - they will most often end before you do. There is no returnable cash or value, and no more coverage after the specified day the term period ends. Be aware that extending that coverage becomes very expensive very quickly.
Please discuss your need for insurance with an independent agent so they can best steer you to the policy that will work best for you. Thank you for asking!
In the case of Term insurance there is NO cash value ever, so in the typical sense as used in life insurance parlance term insurance does not mature. However one could say that a term insurance policy "matures" at the point at which it terminates. That is it has reached the full term and then expires.