ENDOWMENT PLANS:

Endowment Plans are policies which are paid in a lumpsum at either the death of the insured or after policy’s maturity. Endowments require higher premiums than whole life and universal life policies because of the additional lumpsum benefit at the maturity of the policy. Endowments are not technically permanent insurance because they do not cover the insured’s lifetime; however they are commonly included in this class because of their high premiums.