IHTM20104 - 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.