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GLOSSARY
Endowment assurance definition
Published by a LexisNexis Pensions expert
What does Endowment assurance mean?
Regular premium savings plans are constructed as an endowment assurance. The accumulated investments are payable on a fixed date (the ‘maturity date’), or in the event of death, the higher of the accumulated investments or the sum assured are payable.
Endowments are often used in house purchase arrangements. The guaranteed death sum assured will usually be targeted at the same amount of the loan and that will also be the target maturity value based on the life company's best estimate of growth through the life of the plan at its commencement, although there is no guarantee (for unit-linked or with-profits policies) that this will be achieved.
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