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Glossary > E > "Endowment" Definition

Endowment

Assets, funds or property donated to an institution, individual or group as a source of income.

A life assurance policy related to a mortgage designed to pay off the amount originally borrowed at the end of the mortgage term. An endowment policy will pay you a fixed amount on a set date or if you die before that date, in other words it"s both a way of saving and life insurance. People often use endowments to repay interest only mortgages. The drawback of them is that it is often unclear how much you are having to pay in charges and the plans are often very rigid, so if you start an endowment and then decide to cancel it, you might not get back what you paid in.

A gift such as money or property to an institution for a given purpose.

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Endowment - Assets, funds or property donated to an institution, individual or group as a source of income.

A life assurance policy related to a mortgage designed to pay off the amount originally borrowed at the end of the mortgage term. An endowment policy will pay you a fixed amount on a set date or if you die before that date, in other words it"s both a way of saving and life insurance. People often use endowments to repay interest only mortgages. The drawback of them is that it is often unclear how much you are having to pay in charges and the plans are often very rigid, so if you start an endowment and then decide to cancel it, you might not get back what you paid in.

A gift such as money or property to an institution for a given purpose.

Endowment : assets, funds or property donated to an institution, individual or group as a source of income.

a life assurance policy related to a mortgage designed to pay off the amount originally borrowed at the end of the mortgage term. an endowment policy will pay you a fixed amount on a set date or if you die before that date, in other words it"s both a way of saving and life insurance. people often use endowments to repay interest only mortgages. the drawback of them is that it is often unclear how much you are having to pay in charges and the plans are often very rigid, so if you start an endowment and then decide to cancel it, you might not get back what you paid in.

a gift such as money or property to an institution for a given purpose.