Endowment insurance
refers to a permanent life insurance policy that pays the
face amount of the policy to the insured's beneficiary, if the insured was to
die before the end of the policy period. Otherwise the payment will be paid to
the policyholder at the end of the policy period. Certain insurance companies will
not sell endowment insurance policies, but instead they offer permanent life
insurance and annuity policies that will pay a death benefit and build up a
cash value.
