IHTM20104 | Life Policies: types of policy: endowment policy or endowment assurance
From HM Revenue & Customs · Inheritance Tax Manual
An endowment policy, or an endowment assurance, is one in which benefits are payable
on a specified date if the life assured () is still alive, as with a pure endowment (), or
on the death of the life assured before that date, as with a term assurance ().
Under an endowment assurance benefits will be payable either on the life assured’s survival to a specified date or on their earlier death.