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An endowment life insurance policy is a form of insurance that “matures” after a certain length of time, typically 10, 15 or 20 years past the policy’s purchase date, or when the insured reaches a specific age.
This amount is sometimes but not always the same as the death benefit amount.
The purchasers of whole life and universal life insurance policies expect to die before their policies mature, and their beneficiaries to be paid a tax-free benefit. are working with policyholders to extend their policies past the maturity date, if they live to it, and not pay the lump-sum endowment.
If they live to their policies’ maturity dates, the death benefit is eliminated, and they’re paid endowments that are significantly reduced by taxation. Dale Marshall began writing for Internet clients in 2009.
Whole life insurance is simply an endowment policy whose maturity date has been extended to 100 or to 121, ages that only a relatively few people will achieve.
In general, premiums are smaller and guaranteed not to change, and are paid for as long as the policy is in effect.
The policy ceases to exist upon the earlier of the insured’s death or the contract’s maturity.