If a policy says it will continue until age 65, what kind of policy is it likely referring to?

A policy that states it will continue until age 65 is most likely an endowment policy. An endowment policy is designed to pay a lump sum after a specified term, or upon death, whichever occurs first. The specified term often aligns with significant life milestones, such as retirement age or children's education, which is typically around age 65.

Endowment policies combine elements of life insurance and savings and are particularly structured to mature at a certain age. It assures the policyholder that they will either receive a payout upon reaching that age or provide a death benefit to beneficiaries if the policyholder passes away before then.

In contrast, term life insurance covers only a specific period without a payout upon reaching age 65 unless death occurs within that term. Whole life policies provide lifelong coverage and include a cash value component, while universal life policies offer flexible premiums and benefits, but both do not have a fixed maturity age like endowment policies do. This makes endowment policies uniquely suited to the characteristics described in the question.