Finance - Endowment Policies

Endowment Policies

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Many offshore insurance companies offer endowment policies, and until recently, this was a popular method of saving over a longer period.

The way endowment policies work is like this: a premium is specified at the outset of the contract, which usually has a term of 25 years, and in return for the premium paid. A guaranteed level of life cover is additionally purchased, along with expected growth of the savings. The premiums after the purchase of life cover, are directed to the insurance company's life funds, which can be invested in a "with profits" or "unit linked" fund.

Like Mutual Funds, Life companies normally offer a wide range of unit linked funds.

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