By Elliot Raphaelson
Q: I need help with an insurance policy. I no longer have a local agent to answer my questions. I have an endowment policy, and there is a term on my statement I don’t understand. Specifically, it includes the following: “family endowment at age 85.” What does that mean? I am approaching 85.
A: The phrase “family endowment at age 85” means that when you reach age 85, you will receive the face value of the policy. The policy ends at that point. You no longer make premium payments. If you die before age 85, your beneficiary will receive the face amount of the policy….