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Question 11 of 17 in Types Of Life Insurance Policies |
What are endowment policies? |
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Endowment policies are modifications of whole life. Like whole life, part of the premium goes to build up a cash value fund. An endowment policy generally has a higher premium than a whole life policy for the same amount of insurance because more of the premium is devoted to building cash value. The endowment is designed to terminate and pay out the cash amount at a designated time, such as after a prescribed number of years (for example, 20 year endowment, 30 year endowment) or at a specific age (for example, endowment at 60, endowment at 65). |
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