endowment insurance

GNU Webster's 1913

1. n. a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. Also called whole life insurance.

WordNet 3.0

1. n. life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured