Endowment insurance

Endowment insurance guarantees that certain amount of money will be available to the policy's beneficiaries whether you live until the policy matures or not. It provides guaranteed death benefits and  a savings component called cash value. You must pay premiums for an agreed period. At the end of this time you will receive an amount which is the return of all the money invested together. If you die before the maturity date, the insurer will pay either the total sum insured or the value of the policy at the time, whichever is greater.
A with-profits endowment policy is a good long-term savings method with reduced risk and good return. Your money is invested with others’ in different assets. It is likely that at the end of the policy's term your premiums would have grown substantially. If you know that in the future you will incur a specific expense, endowment insurance will be useful. You will be certain that at some point in time a certain amount will be available.