An assurance policy that pays a specified amount of money on an agreed date or the death of the person assured, whichever is the earlier.
A medium to long term life assurance/savings contract, incorporating an investment element and a protection element. The policy will pay out on surrender, maturity or death. See ‘Maximum Investment Plan'.
A policy combining life assurance and investment under which the sum assured is paid at a pre-agreed date, or on the death of the policyholder if earlier. A common use for this type of policy is the repayment of a mortgage loan.
A medium to long term life assurance/savings contract, incorporating an investment element and a protection element. Policy proceeds normally paid on maturity or earlier death. After early years policy acquires surrender value. See ‘Maximum Investment Plan'.
A savings contract, medium to long-term life assurance-linked, that has an investment element and a protection element. The policy will pay out on surrender, maturity or death.
A policy which provides for a lump sum at a future Policy maturity date or on earlier death.
A life assurance policy that pays out a lump sum after a specific period of time or on death of the policyholder. They can be used as a vehicle for saving or as a way to repay a mortgage. It is important to remember than endowment is a long-term commitment. A customer who surrenders early may not get back the amount of money they have invested. N.B. The definition does not apply to either an Endowment or a Pure Endowment.
Life assurance providing for the payment of a sum of money at the end of a specified period or on death if death occurs meanwhile.
A policy that combines a benefit payable on survival (ENDOWMENT) with a death benefit (ASSURANCE). Endowment assurance policies often form the basis of savings arrangements or are used to provide protection for mortgages.
