A life insurance policy that builds up a cash value over time and pays out a lump sum at a set date (maturity) or on death, whichever is earlier. Endowment policies were often linked to interest-only mortgages. In financial cases they can be transferred, surrendered, or retained until maturity.
In Plain English
A type of insurance policy that builds up a lump sum of money to be paid out at a future date or upon death. In a divorce, these are treated as assets that need to be valued and divided.
Navigating court alone?
A McKenzie Friend can help you understand terms like these in the context of your case.
Find your supportWe use essential cookies only to provide you with the best experience on our website. No tracking or analytics cookies are used.