The third type is the traditional endowment insurance. This type of term insurance is as well as savings.
This product is very popular before advent unit-linked products. Diverse forms of endowment insurance. Besides having a cash value, there is also the futures funds expended the insurance contract expires. These funds come out periodically such as every 3 years or 5 years. For example as education insurance who are spending when the 5-year-old child to kindergarten entry fee, entry fee 7 years for elementary school and beyond.
Unfortunately, this endowment insurance premiums are much more expensive than term insurance premiums as well as whole life.
Later, the prestige of this type of insurance endowment faded with the rise of unit-linked products. Moreover, because the royal bonuses, endowment insurance costs actually burdensome insurance company.
