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What is an Endowment Savings Policy?
An endowment saving policy is a product that you buy from a life insurance company and works as an investment product and as insurance policy, at the same time, why? Because it’s a wise way to keep your money saved while it works as a perfect life insurance policy.
If by the end of the term policy, you’re good and alive you can still receive the sum of the agreed money for your main beneficiary, whether is a family member or a business. But, if you get a serious disease or suffer a terrible accident that takes you to death, then, the main beneficiary will still receive the total sum of the policy.
Endowment Savings Policies Explained
An endowment saving policy is beneficial because it will let you save money for a particular goal or achievement in a long term basis, around ten to twenty years, you will be able to pay the college graduation of your son or an investment for your business, or to pay off the mortgage of your home. At the end of your investment term, you will receive a big sum of money. How does it work?: First, you make monthly payments, part of this pay out or premium will be use for your life insurance, but this depends of facts likes age, sex, type of endowment policy, etc. The rest of your payment is invested either on a with-profits basis or a unit-linked basis. The amount of the sum you get at the end of your endowment policy term often depends on the performance of these investments.
When the premium or the insurance cover have reached maturity, it means you have reached the agreed amount of money, it’s completely payable now and you can receive it without any problem. You will also receive the bonuses that have been put over your policy during these years. Every year, the insurance company will update you with the performance of your savings, a five or ten yeas maturity report will also be helpful to let you know if you’re going in good track. These reports ensure you if you’re reaching to the agreed sum of money settled in the contract insurance. It’s important to know this numbers.
For further reading we recommend a quick read of Wikipedia as they have some great information. Here is a link to get you started: Wikipedia
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