Which type of life insurance policy provides coverage from the beginning of the contract to maturity and guarantees payment of a specified sum to the insured,even if he or she is still living at the end of the contract period?

Question

Quizplus · Accepted Answer

Endowment life insurance policies are designed to pay out a lump sum upon a specific event, such as the death of the policyholder or after a set period of time. If the insured person is still alive at the end of the policy term, they receive the endowment amount. This makes it distinct from other types of life insurance that may only provide a death benefit.

Which Type of Life Insurance Policy Provides Coverage from the Beginning