Legal Definitions - endowment life insurance

Endowment life insurance is a type of life insurance that pays out either to the insured or their beneficiary at the end of the policy period or if the insured dies before the period ends. It is also known as endowment insurance.

For example, if someone purchases a 20-year endowment life insurance policy and lives until the end of the 20 years, they will receive a payout. If they die before the 20 years are up, their beneficiary will receive the payout.

Endowment life insurance is different from other types of life insurance, such as term life insurance, which only pays out if the insured dies during the policy term.