Endowment Insurance
Life insurance where the face amount is payable to the insured at the end of the contract period or to a beneficiary if the insured dies before that (e.g., an insured purchasing an endowment payable at age 65. Upon reaching that age, the proceeds would be payable to the insured. If the insured dies prior to that age, the proceeds would be payable to the designated beneficiary as a life insurance benefit).
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