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Endowment Vs. Whole life Insurance
Life insurance is the first choice preferred as the ultimate and beneficial option to save the future against sudden rise of financial contingencies upon death. When it comes to choosing a life insurance policy for providing financial security to the family, majority of the people choose either whole life policy or endowment life insurance cover.
What is Endowment Vs. Whole life Insurance
Endowment life insurance is a kind of term assurance that guarantees the policy holder the payment of sum assured in either case where the policy holder is alive or dead. When the policy holder dies before the maturity of the term, the family is paid the assured sum and when the policy gets matured, the maturity amount is paid. Whole life insurance covers the entire lifetime of the policy holder irrespective of the maximum term of maturity. The policy gets lapsed or matured only upon death of the policy holder. The similarities of Endowment Vs. Whole life Insurance is in both types of life cover, the life of the policy holder is protected and assured sum upon death is guaranteed which can obviously reduce the financial commitments. Difference of Endowment Vs. Whole life Insurance include, the former is a term policy with fixed period of maturity and the later has no maximum maturity period. Eventually, upon maturity, Endowment covers pay a lump sum amount to the policy holder upon maturity if the policy holder is alive. When analyzing the basic concept of Endowment Vs. Whole life Insurance, endowment cover is based on the concept of benefiting the policy holder or the family and whole life insurance is based on the backdrop that death is very certain and because of which the family need not suffer financially.
Alternatives to Endowment Vs. Whole life Insurance
Endowment Vs. Whole life Insurance are ideal for people only who have secured or stable income. People with mortgage loans or unstable employment can opt for mortgage protection insurance as the great alternative to Endowment Vs. Whole life Insurance. Similarly, employment protection is also ideal for everyone because of the uncertain economy and mounting economic and recession issues.
Major benefits of Endowment Vs. Whole life Insurance
Either it is going to be endowment life insurance or whole life insurance, or you constantly looking to choose between Endowment Vs. Whole life Insurance, every policy holder is guaranteed with a lump-sum payment on death. Being a term life policy endowment cover guarantees the sum assured upon maturity, which act as the ideal savings plan.Major drawback of Endowment Vs. Whole life Insurance
Both Endowment Vs. Whole life Insurance pays the policy holder pays the assured sum of money only upon death or maturity, where the intermediate rise of emergency financial commitments are not met. Further, premium payouts for both the policy are considerably higher than other kind of life cover, where not everyone is afforded to pay the hefty premium.
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