Friendly society tax exempt policies: qualifying policy rules: term and premium paying term of the policy
Term of a tax exempt policy
The most common type of tax exempt policy is an endowment policy that has a specified maturity date. This must be at least ten years from the date that the policy was made, subject to an exception for certain very small policies for minors - see below.
Whole life tax exempt policies are less common. They have no specified maturity date and run until the death of the individual insured.