My wife and I took out an endowment policy for our 2 children 10 years ago , it matures in 2 months , for personal reasons we would now like the cheque to come to us ,so that we can then decide what sum of money they should recieve,how do we go about this.
Endowment Insurance Policies are permanent life insurance, which pays when insured person dies within the term of the policy. An endowmant policy has a fixed maturity date. A date on which the policy is payable to the owner. Therefore, it works like life insurance and a savings plan for the owner. If the ownere dies within the coverage period the beneficiary recieves payment.
Term life insurance covers the life of owners temporarily: ten; fifteen, twenty years. When the term ends policy terminates. The policy pays the beneficiary the total cash value of the policy upon death of the owner within the life of the set term.
A pure endowment is an endowment fund of permanent income for a non-profit organization such as hospitals, schools, and churches. It is controlled by money managers and Boards of Trustees who nvest the funds to increase the endowment funds. Donors gain tax deductions.
