A policy combining savings and a death benefit, usually for a specific period of time (e.g. 10 years, 20 years, “to age 65”, etc.). If the policyholder reaches the specified age or lives to the contract term (i.e. endowment), they receive the full value of the policy.
If the insured individual dies before endowment age, a death benefit is paid to the policyholder’s named beneficiaries.
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