endowment insurance

Definition

A type of life insurance that is payable to the insured if he/she is still living on the policy's maturity date, or to a beneficiary otherwise.

Use endowment insurance in a sentence

You may want to make sure that you have a good endowment insurance so that you don't have to worry about it.

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We had a lot of endowment insurance and things were looking good for us and we felt like we were going in the right direction,

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Once Steve reached the age of 65, he was able to draw from his endowment insurance in order to pay off the mortgage that was remaining on his home.

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