Endowment policy is an insurance plan that is structured to pay a lump sum once the policy reaches maturity, thus it is financial protection for policy holder and the relatives of his. The payment of the policy may vary depending on the term of the policy itself in that if the term vary in terms of years to maturity you will very well be certain the payment will differ. Now the issue with endowment policy is that the coverage may also restrict payout based on the cause of death, illness or accidents that are not known as at the policy is entered into. There are different formats that determine the payout of the policy for cashing in on the policy like considering the time the coverage has been in force as well as the amount of cash that has been paid into the policy to the date payment is effected or requested.
The essence of any endowment policy like I said is to provide financial protection to the beneficiary once the contract reaches maturity. The pay is usually sum assured which is paid at the maturity of the policy and depending on the performance of the policy, there might be some additional benefit provided the policy performed well. In essence, endowment policy really makes you an assured man of better future in case anything contrary happens. Now endowment life policy is an insurance plan as well which includes provisions for early payout should the assured party die before the contract lapses. There are some certain conditions that might prevent the insured party from being deprived of his benefit like in the case of certain death that are disallowed, such insured party will be prevented a payout on the policy. Take for example, the insured commits suicide or due to medical condition that was not disclosed during the signing of the policy, if it is proven that the beneficiary is responsible for the death of the insured, then he will not be paid on the proceed of the policy. It will be wise to protect yourself financially by going to endowment policy center for detailed tips there
The essence of any endowment policy like I said is to provide financial protection to the beneficiary once the contract reaches maturity. The pay is usually sum assured which is paid at the maturity of the policy and depending on the performance of the policy, there might be some additional benefit provided the policy performed well. In essence, endowment policy really makes you an assured man of better future in case anything contrary happens. Now endowment life policy is an insurance plan as well which includes provisions for early payout should the assured party die before the contract lapses. There are some certain conditions that might prevent the insured party from being deprived of his benefit like in the case of certain death that are disallowed, such insured party will be prevented a payout on the policy. Take for example, the insured commits suicide or due to medical condition that was not disclosed during the signing of the policy, if it is proven that the beneficiary is responsible for the death of the insured, then he will not be paid on the proceed of the policy. It will be wise to protect yourself financially by going to endowment policy center for detailed tips there
kaz rel is an endowment life insurance policy enthusiast that enjoys sharing quality contents with others. He has many articles at his blog at endowment life policy HERE
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