Which type of policy pays proceeds to the insured only if they live to the end of a specified period?

An endowment policy is designed to pay out a specified sum of money to the insured if they survive to the end of a predetermined period. This feature distinguishes it from other types of life insurance policies. In an endowment policy, if the insured does not survive to the end of the policy term, the benefits usually do not get paid out in that way, but there may still be provisions for beneficiaries under certain conditions.

This type of policy typically combines elements of both life insurance and savings, as it is structured to provide a financial benefit if the insured outlives the term, effectively functioning as a savings plan as well. It appeals to individuals looking for both life coverage and a maturity benefit, which they receive if they live for the entire term stipulated in the policy.

Whole life policies are designed to provide coverage for the insured's entire life, paying out upon death regardless of when that occurs, while term policies offer coverage for a specific period but do not pay any benefits if the insured survives that period. A life at age 65 policy is a variation that may pay benefits at a specific age rather than upon survival of a set term, further differentiating it from an endowment policy.