A policy that endows at a specific age is known as what type of life insurance?

A policy that endows at a specific age is referred to as whole life insurance. This type of life insurance is designed to provide coverage for the insured’s entire life as long as premiums are paid, and it typically accumulates cash value over time. The endowment feature means that the policy will pay out its face value either upon the death of the insured or at a predetermined age, usually 100 or 121 years, whichever comes first.

Whole life policies are structured in a way that they provide both a death benefit and a savings component, leading to a buildup of cash that can be utilized by the policyholder. This distinguishes them from other types of policies like term and universal life insurance, which do not offer this guaranteed payout at a certain age or accumulate guaranteed cash value in the same way.