These are a form of investment policy. Regular premiums are paid, and when the term of the endowment expires a lump sum is paid out. The lump sum may be used to repay a mortgage, for example. You should be aware that the amount the endowment will pay out is not usually guaranteed so there is a risk that it will not be enough to pay off the mortgage.
Most endowments have a protection element such that if the policyholder should die then a lump sum becomes payable.
Endowments
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