Endowment life insurance provides a benefit for a specified period (for example, 20 years or until age 65). At the end of the stated period, the policy “matures” or “endows” and the insured collects the face value of the policy. If the insured dies prior to the maturity date, the proceeds are paid to a beneficiary. This type of coverage is usually very expensive when compared to other life insurance contracts. (See Ordinary Life).