What is a key feature of endowment assurance?

The key feature of endowment assurance is that it provides a payout either upon reaching a specified age or in the event of the insured's death before that age. This dual benefit makes endowment assurance a unique and versatile insurance product. It not only serves the purpose of life cover by providing financial support to beneficiaries in case of the policyholder's death but also functions as a savings plan, rewarding the policyholder with a sum of money if they survive until the end of the policy term.

This approach effectively combines both insurance and investment elements, appealing to individuals who wish to secure their financial future while also aiming to accumulate savings over time. The provision for payment either at a specific age or on death illustrates the dual protection and financial planning benefits that endowment assurance offers to policyholders, distinguishing it from other types of life insurance policies.