life insurance

[supersop60]

What is the name for the kind of life insurance policy that will pay out a lump sum after a certain number of years if you are still alive?

[barry1010]

Endowment.

[Naomicorlett]

Endowment.....Used to be used to give life cover whilst the fund increased enough over term to pay off capital of mortgage whilst you only paid interest on loan. Unfortunately the majority of them in recent years had a shortfall resulting in people not having enough in fund to clear mortgage at term.

[supersop60]

Thanks guys, although i know about endowments. What kind of policy would my father-in-law have had. A couple of years ago he came into some money and I'm sure he said that a life policy had come to term

[Naomicorlett]

It probably would have been an endowment they were sold independently from mortgages.

[Fido1]

I think you should have a look at Assurance companies. I always thought that assurance - you are (assure) you don't die and you get money or sell policy and get money and insurance - If you do die and money goes to family.