An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its `maturity`) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including tho.....
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A contract with a savings component involving asset accumulation, and a life insurance protection component. If death occurs before maturity, the sum assured is paid out. At maturity, the amount built-up is payable. Endowment policies can be written in a number of different forms (unit-linked, with-profits, non-profit), and are long-term contracts....
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http://www.encyclo.co.uk/local/20197
A life insurance and savings policy taken out for a fixed term. The sum assured is payable at maturity or on death if earlier. Traditional endowment policies were on a with-profits basis. Each year a reversionary bonus is added to the sum assured and a terminal bonus is added at maturity. Neither bonus is guaranteed. Endowments were often sold in r...
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http://www.encyclo.co.uk/local/20416
A policy of assurance on the life of a person which pays a sum assured on that person' death or, if earlier, on a date specified in the policy. A With Profits Endowment policy will pay Bonuses in addition to the sum assured and it is this type of policy that has often been used to secure repayment of personal mortgages; if the bonuses fall short of...
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http://www.encyclo.co.uk/local/20912
This provides for the payment of a specified sum directly to the policy holder at a designated date or to their beneficiary should they die before this date, in a way it is a form of life assurance.
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See: 'endowment... <a target=_blank href='http://www.finance-glossary.com/terms/endowment-policy.htm?id=1899&ginPtrCode=00000&PopupMode=false' title='Read full definition of endowment policy'>more</a>
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Combination of life assurance and investment whereby the sum assured is paid at a predetermined date or on death, if earlier.
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