A life assurance policy that pays out a sum assured on the death of the life assured, or at the end of an agreed term, whichever is the earlier. The money is traditionally invested in a range of securities, including equities. A traditional with-profits policy may provide a higher payout by the addition of bonuses.
A life insurance policy in which the cash value and face value are equal to each other at the policy's maturity date; a policy under which the face amount is payable on a specified future date (maturity date) if the insured is then living, or at the insured's death if that should occur sooner. Essentially, it is an insured endowment.
A policy which combines investment with insurance and runs for a specific period. It builds up a cash value, generally on either a with-profit or with unit-linked basis and is paid out at the end of the policy term or when you die (whichever is the earliest).
A type of life insurance policy that pays upon the death of the insured within a covered period or at the end of the covered period if the individual is still alive. If the policyholder dies during the endowment period, a payment is made to a beneficiary.
A policy of assurance on the life of a person which pays a sum assured on that person' death or, if earlier, on a date specified in the policy. A With Profits Endowment policy will pay Bonuses in addition to the sum assured and it is this type of policy that has often been used to secure repayment of personal mortgages; if the bonuses fall short of expectations, the policy moneys may be insufficient to repay the mortgage.
A life insurance policy which pays the proceeds as a death benefit if the insured dies during the premium paying period, or as a living benefit if the insured lives to the end of the period. Premium paying periods under an endowment policy can be either for a stated number of years or to stated age.
a form of life assurance that pays a tax-free lump sum at the end of its term or a guaranteed amount - usually the mortgage debt - in the event of the policyholder's death
a form of life assurance that pays a tax-free lump sum Endowment Mortgage rate, Housing Market, Property, House pri
a life insurance plan, which covers your life for a
a life insurance that pays a sum of money after an agreed period of time, or on the death or total and permanent disability of the policyholder
a mix of stockmarket investments and life insurance
a mix of stock market investments and life insurance
a savings policy which provides life assurance cover for a policyholder
The assured has to pay an annual premium which is determined on the basis of the assured's age at entry and the term of the policy. The insured amount is payable either at the end of specified number of years or upon the death of the insured person, whichever is earlier.
An investment package combined with a life assurance policy which is designed to pay off the cost of mortgage at the end of its "term". Your payments are usually invested in stocks and shares, cash and in property in the hope that they will increase in value and allow for the cost of the property to be paid off at the end of the term. Should this not be the case then you will be required to make up the shortfall. For this reason and because markets can be highly volatile this is a less popular form of borrowing than in the past.
( more) - a life assurance savings scheme designed to pay out a lump sum when the policy matures.
A form of whole life policy, the face amount is paid to the policyholder (endowed), if still living on a specified date, or to the beneficiaries if the insured has died. p 161
A life insurance policy which provides a death benefit of the face amount should the insured die during the premium paying period. If the policy-holder lives to the end of the premium paying period he receives the face amount of the policy.
A life assurance policy designed to 'endow' (pay out) a lump sum at a set date or on prior death. A package of investment and life assurance often used to pay off and protect an interest-only mortgage.
A life insurance policy which will pay a sum of money after an agreed period of time. This type of policy used to be a popular method of repaying a mortgage. The policy will also pay out if death occurs before the end of the agreed policy term . .
A type of long-term investment plan (usually investing in the stock market), which also includes life insurance cover so that if you die during the plan, your successors get a guaranteed payout. Often used to repay mortgages at the end of their term. The final payout is usually not guaranteed.
Combination of life assurance and investment whereby the sum assured is paid at a predetermined date or on death, if earlier.
Life insurance that pays the face value of the policy in the case of the policy owner's death during a predetermined period or survival past the end of the period.
A form of savings plan that comes with a particular type of mortgage - an endowment mortgage. It is designed to potentially pay-off your mortgage at the end of the term, or pay-off an outstanding mortgage in the event of death. This type of policy could be a repayment vehicle for an interest-only mortgage.
A combined life assurance and investment policy often taken out at the start of a mortgage to run for the same term. Premiums are paid to a life assurance company, usually monthly. The company invests the premiums and the investment should provide a lump sum at the end of the policy term (which can be used to repay the mortgage) or earlier if the borrower should die.
A combined life assurance and investment policy. Premiums are paid by the borrower to a life assurance company, usually monthly. Homeloans does not recommend this type of mortgage, as the policies often don't have an ability to repay the mortgage.
A financial product that combines investment with life assurance. It is usually sold with interest-only mortgages with the aim of paying off the loan at the end of the loan period. If you die before then, the insurance pays off the loan. Endowments have attracted a lot of criticism for being inflexible and expensive. If you cash in the endowment early you get virtually nothing back. Up to a third of the total investment amount can be added on the last day of the endowment period in the form of a terminal bonus, so you should never cash in early if you can help it. They also achieved notoriety because of the way they were oversold by commission-hungry advisers and salesmen, even when they were patently unsuitable for certain types of borrower. There is also concern that in some cases, the monthly premiums may not be enough to pay off the loan. The underlying investments haven't been growing as fast as some companies predicted. Having said all this negative stuff, there haven't yet been any instances where an endowment hasn't paid off a loan. So if you have one, don't panic and hold on until the bitter end. You could even end up with more than the loan amount.
a policy that matures or endows at a specific time or age. It pays the face amount of the policy to the beneficiary if you die during the endowment period or at the set time or age or to you if still alive after this period.
Form of saving linked in with life assurance. Must be held for at least 10 years to get full benefit.
A life insurance policy which pays a sum of money after an agreed period of time, or on the death of the policyholder, whichever happens first. See also Maximum Investment Plan (MIP)
Type of life insurance policy where the insurer promises to pay on a certain date or on death whichever comes first
This is an insurance policy which will pay out a single amount on a fixed date in the future or when the policyholder dies (whichever happens first).
A type of life assurance policy which pays out a sum assured on the death of the life assured or at the end of an agreed term, whichever is the earlier. A traditional with-profits policy may provide sums over and above the sum assured by the addition of bonuses.
A hybrid life insurance policy comprising life insurance and investment. In the context of mortgages, such policies are designed: to repay a mortgage in the event of the death of a borrower, and to repay the mortgage at the end of the mortgage term, whichever happens first. They are either "With Profits" or "Unit linked" It is rare for an endowment contract to GUARANTEE to repay a mortgage (i.e. mature for the full amount of the mortgage). Where there is a guarantee, you will pay extra for it. However, in setting endowment premiums, Life companies normally assume investment returns about midway between the maximum and minimum amounts that they are allowed by statute to use in illustrating their policies.
An endowment policy is a life assurance contract designed to pay a lump sum after a specified term.
