What Is The Difference Between 'Whole Of Life' Asssurance And An Endowment Policy?

Whole life insurance plans are designed to protect the policyholder for life. That meant whenever they pass away, the insurance provider will help with a lumpsum amount to the loved ones of the policyholder to take care of pending debts, funeral expenses, college fees and other essential expenses.
An endowment policy is a bit different than the whole life plan. These plans provide an accumulated amount to the policyholder on the maturity for a maximum period of fifteen years. Also, they help with a death benefit if the policyholder passes away while the policy is active.