Endowment life insurance policies combine savings with life insurance. The premiums are generally quite high because they include a saving element. The aim of the policy is to generate a cash sum on the policy maturity date or sooner should the policyholder die within the period covered.

Endowments include savings with insurance in order to meet personal finance needs such as the costs of college education, mortgage payment or to provide a retirement fund. They lost popularity through the 1970’s and 80’s when higher interest rates became available from competing savings products. Although the balance has been substantially restored Endowment life insurance have not recovered their former popularity.

It is always advisable to discuss your life insurance needs with a reliable professional agent who can advise on how to get the best value from your available funds, and whether you should choose term, whole life or variable life insurance.