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Endowment Assurance

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Endowment Assurance

Endowment Assurance is the most popular form of life assurance since it not only makes provision for the family of the Life Assured in the event of his early death, but in addition it also assures a lump sum at any desired age.

What is Endowment Assurance?

An endowment policy is a life insurance contract designed to pay a lump sum after a specified term, on its 'maturity' or on death. Typical maturities are 10, 15 or 20 years up to a certain age limit.

Endowments can be encashed in its early years or also known as 'surrendered' and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid in to it. Any proceeds returnable to the policyholder will normally be below the value of the premiums paid up to cancellation.

This plan is appropriate for people of all ages and social groups who wish to protect their families from a financial hardship that may occur owing to their demise. The amount assured, if not paid by reason of his earlier death, becomes payable at the end of the endowment term when it may be invested to provide an annuity during the remainder of his life or in any other way he may think most suitable at the time.

Main Benefits of Endowment Assurance:

Endowment Policy has two distinct benefits: First, it provides Life Assurance protection should you die during the term of the policy, which is normally longer than 10 years and secondly, should you survive to the end of the policy term then you receive a lump sum known as the maturity value.

Basically an endowment assurance is a type of investment and savings plans. However, it is advisable that it should not be used as an investment, as there are better alternatives such as Group Life Assurance, Joint Life Assurance, Key Man Life Assurance, Life Assurance for the Elderly, Whole Life Policy and Term Life Assurance. If you have money to invest, you are likely to be better off choosing other investments and sticking to a term policy to provide your life assurance.

Main Drawbacks of Endowment Assurance:

Since there is an investment element within endowment assurance, it requires you to pay higher monthly premiums to provide for similar levels of Life Assurance protection than an equivalent Term Assurance or Whole of Life policy but you will get some money back one way or another.

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