The update will be live from Friday 15 May, following several weeks of notifications from the messaging app about the changes due to come into effect, which were announced earlier this year.
The WhatsApp help centre explains: "For the last several weeks we've displayed a notification in WhatsApp providing more information about the update.
"After giving everyone time to review, we're continuing to remind those who haven't had the chance to do so to review and accept. After a period of several weeks, the reminder people receive will eventually become persistent."
However, WhatsApp has assured users that they won't have their account deleted if they do not accept the changes, but explained that they will experience 'limited functionality' until they do.
For example, they will still be able to answer incoming phone and video calls, but you will not have access to your chat list.
"No one will have their accounts deleted or lose functionality of WhatsApp on May 15th because of this update," the help centre says.
It continues: "At that time, you'll encounter limited functionality on WhatsApp until you accept the updates. This will not happen to all users at the same time.
"You won't be able to access your chat list, but you can still answer incoming phone and video calls.
"If you have notifications enabled, you can tap on them to read or respond to a message or call back a missed phone or video call."
The changes were met with some backlash when they were announced earlier this year, when WhatsApp asked all users to accept the new terms by 8 February - later saying it would instead 'go to people gradually to review the policy at their own pace before new business options available on May 15'.
Amid data concerns, WhatsApp shared a blog post to try and clear matters up, writing: "We've heard from so many people how much confusion there is around our recent update.
"There's been a lot of misinformation causing concern and we want to help everyone understand our principles and the facts.
"WhatsApp was built on a simple idea: what you share with your friends and family stays between you.
"This means we will always protect your personal conversations with end-to-end encryption, so that neither WhatsApp nor Facebook can see these private messages.
"It's why we don't keep logs of who everyone's messaging or calling. We also can't see your shared location and we don't share your contacts with Facebook.
"With these updates, none of that is changing."
The post goes on to stress: "This update does not expand our ability to share data with Facebook."
WhatsApp added: "WhatsApp helped bring end-to-end encryption to people across the world and we are committed to defending this security technology now and in the future."
A spokesperson for WhatsApp told LADbible in a statement: "We've spent the last several months providing more information about our update to users around the world. In that time, the majority of people who have received it have accepted the update and WhatsApp continues to grow.
"However, for those that have not yet had a chance to do so, their accounts will not be deleted or lose functionality on May 15. We'll continue to provide reminders to those users within WhatsApp in the weeks to come."