Endowment policies provide a combination of insurance protection and savings benefits for a stipulated period of time. The sum assured of the policy and accrued bonuses, if any, are paid upon death during the stipulated period of time. If the insured survives upon the maturity of the policy, the sum assured and accrued bonuses, including any maturity bonuses, are paid to the insured. Endowment policies are typically attractive to those saving for retirement or their children's higher education.