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Endowment Life Insurance Glossary

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Endowment Life Insurance Glossary

Endowment Life Insurance

An extremely popular type of life insurance. It is cover that contains a life insurance policy as well as an investment element. The policyholder takes out a policy and it matures over a number of years (typically 10, 15 or 20 years) and then pays out a lump sum or on death.


The length of the insurance policy.


The amount paid each month as part of the endowment life insurance contract.

Maturity Date

The date when the policy ends. An endowment life insurance plan will payout a certain amount on maturity.


A life insurance option that allows both premiums and the sum assured to be increased in line with RPI.

Term Life Assurance

Life assurance than only lasts for a specified number of years. The policy pays out if the policyholder dies during the term of the cover, however if at the end of the cover no claim has been made there will be no pay out and the insurance simply ends.

Decreasing Term Life Insurance

A type of term life insurance where the lump sum payout decreases over time. Often referred to as mortgage life insurance designed to protect payments for a reducing mortgage.

Level Term Life Insurance

A type of life insurance cover where the lump sum payment does not reduce over time. Often used to protect a family and provide a known payment throughout the term of the cover.

Critical Illness Cover

Insurance that protects against the policyholder contracting a critical illness that is written in the insurance contract.

Convertible Term Insurance

A policy that provides the ability to change a level term life insurance policy into a whole life, investment or endowment element. Therefore it will provide an investment element at or near maturity.

Whole of Life Insurance

A common variety of permanent life assurance which provides guaranteed amount of death benefit and guaranteed returns on cash values. Premiums are fixed and therefore guaranteed not to increase.

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