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ENDOWMENT MORTGAGE

An endowment life assurance policy is often linked to a mortgage. Throughout the term of the mortgage, payments made by the borrower cover only the interest due on the loan. The capital sum borrowed is paid back in one lump sum at the end of the loan period, using the proceeds from an endowment policy taken out at the start of the mortgage.

ENDOWMENT POLICY

A life insurance and savings policy which pays a specified amount of money at the end of an agreed term, or on the death of the life assured. Often linked to a mortgage.

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