Definition of Endowment Insurance Policy And Why More Investors Are Considering It In 2024
An endowment definition insurance policy is a type of life insurance designed to pay a lump sum after a specified term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen, or twenty years up to a certain age limit. This financial instrument combines savings and protection, offering the dual benefits of life insurance coverage and a savings plan.
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