Endowment policies are payable at the death of the insured or on a specified maturity date if the insured is alive. Premiums generally are payable from the date of issue until the date of maturity but may be limited to fewer years or even to a single lump-sum payment. Premium payments on endowments are high because a large cash value is built up in a relatively short time. Endowments combine savings with insurance, and such policies may be used to provide for college education, mortgage payments, or retirement purposes. This type of policy lost popularity when competing savings mediums began paying higher interest rates in the 1970s and early '80s. More competitive interest rates have not yet restored its standing.

Exploring all the available insurance policies, options and riders can be mind boggling. An experienced professional can analyze your situation to help you decide how much protection you need and help you design an overall insurance plan that will provide you and your family the highest level of security at the best possible pricing. Once you have a plan in mind, shopping gets a lot easier.

Rates and coverage vary form state to state. Shop around on your own and talk to an independent insurance agent to make sure you get a plan that's right for you. It's amazing how much rates may vary from company to company for the same coverage. For more information and rates on life insurance visit our sponsor site below.