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The Curious Bag
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Endowment life insurance is a type of policy that offers flexible financial planning and payout options. InsBuyer.com states that endowment policies were more popular prior the late 1970s before other savings plans began to pay higher interest rates.
Features
Endowment life insurance policies are savings options that offer the benefit of life insurance. USInsuranceOnline.com states that the true goal of these policies is to give living benefits to the insured person.
Benefits
An endowment life insurance policy can provide replacement income and estate planning for the insured's beneficiary. According to USInsuranceOnline.com, these policies can also be used for college savings, posthumous charity donations, mortgage payments and business capital.
Disadvantages
The premium payments for endowment life insurance policies are higher than other insurance options because the cash value is greater.
Time Frame
An endowment life insurance policy can be paid out at the time of the insured's death or once it has reached a specified maturity date while the insured is alive.
Expert Insight
Insurance policy rates vary from state to state. InsBuyer.com suggests that all endowment policy seekers consult an insurance professional to ensure that the customer purchases the best policy to fit his needs.
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