Life Policies: types of policy: endowment policy or endowment assurance
An endowment policy, or an endowment assurance, is one in which benefits are payable
- on a specified date if the life assured (IHTM20081) is still alive, as with a pure endowment (IHTM20103), or
- on the death of the life assured before that date, as with a term assurance (IHTM20102).
Under an endowment assurance benefits will be payable either on the life assured’s survival to a specified date or on their earlier death.