"contract maturity" refers to the end or expiration date of a contract. It is the point in time when the agreed-upon obligations, terms, and conditions stated in the contract are completed or no longer valid. Full definition
A Life insurance policy will typically mature at age 95 or 100, although newer policies may provide for contract maturity as far out as age 120. (keypersoninsurance.com)
The wikipedia definition (similar to investopedia) defines backwardation as «the market condition wherein the price of a forward or futures contract is trading below the expected spot price at contract maturity» (indexologyblog.com)