Endowment life insurance is any life insurance contract with a guaranteed provision to endow.
In the traditional sense, endow typically means that guaranteed cash value in the policy will one day equal the death benefit.
So, after paying premiums over a certain period of time, the cash value accumulated in the policy will grow to equal the death benefit. In the mean time (prior to endowing) if the insured under the contract should die, the insurance company will pay the full death benefit to the beneficiaries.
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In the traditional sense, endow typically means that guaranteed cash value in the policy will one day equal the death benefit.
So, after paying premiums over a certain period of time, the cash value accumulated in the policy will grow to equal the death benefit. In the mean time (prior to endowing) if the insured under the contract should die, the insurance company will pay the full death benefit to the beneficiaries.