For example As an investment they took out an endowment policy. Show source/s Plain English Campaign Give feedback This page was not useful This page was useful Thank you for your feedback. If you have another few minutes please take the time to tell us about our new Dictionary service. Thank you for your answer, if you can tell us more that would really help Update
Life assurance policy (or life insurance policy) A contract between a policyholder and an insurance company. The insurance company pays out if the policyholder dies.
Joint lives policy A life assurance policy on more than one person's life. The policy pays out on the first death.