Life Insurance you can cash out

[1wokeuplikethis]

Does anybody here know any companies where you can take out life insurance for a set number of years and then at the end of it, cash it in and get a lump sum? I think they are maybe called timeshares? Absolutely zero knowledge on this so any guidance would be great.

I already have life insurance but I don’t think it’s one that you cash out and would like to set up maybe a couple more to get a payout of a few thousand in some years time.

You may be thinking of an endowment policy?

Essentially, to achieve what it sounds like you are asking for, you have an investment plan and a life assurance contract sitting side by side. Most of your monthly payment goes into building up the investment (which hopefully also grows over time from growth and dividend reinvestment in the underlying fund/s). A small part of the monthly payment pays for the premium on a level term life policy. If you die during the term of the policy then the life insurance policy pays out. If you survive the term you get back whatever the value of the investment has achieved at maturity date.

See also Friendly Society investment plans.

Thank you sunseed that sounds like what I am thinking of. Thanks for so much info!