Endowment life insurance typically guarantees a sum of money that will be available to you or your beneficiaries, whether you live until the policy matures (maturity date), or in case of an untimely death. In other words endowment life insurance is where the face amount is payable to the insured at the end of the contract period or to a beneficiary if the insured dies before that. If the insured reaches that age the endowment life insurance policy is payable at then the proceeds would be payable to the insured. If the insured passes prior to that age, the endowment life insurance proceeds are payable to beneficiaries.
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