endowment insurance

noun

life insurance providing for the payment of a stated sum to the insured if he or she lives beyond the maturity date of the policy, or to a beneficiary if the insured dies before that date.

Origin of endowment insurance

An Americanism dating back to 1860–65

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018