Endowment Life Insurance is an insurance policy that pays a lump sum on either the maturity date of the policy (when the insured turns a certain age) or the death date of the insured person, depending on which is earlier. These policies usually mature after ten, fifteen or twenty years and may also pay out if the insured is seriously ill.
Endowment policies often build up cash values that may be received if the policy is surrendered (or cashed in early). The cash values of these policies may often fluctuate because they are adjusted using market indicators.
Endowment insurance is generally more expensive (higher premiums) than most other forms of insurance because the maturity date is often sooner and there is a shorter period in which premiums are paid.
If you would like to learn more about endowment insurance and how it can protect you or your family, please feel free to contact me to set up an appointment.
