Endowment vs Whole Life Insurance       

Endowment and whole life insurance are two different types of permanent life insurance. In endowment insurance, the premium-paying period is shorter than whole life insurance and the insurance amount is paid out within a certain period (ten, fifteen or twenty years) or at a certain age (of the insured person) after which the policy matures. At the time of maturity, a lump sum is paid back.
Whole life insurance remains active throughout the life of the policy holders and premiums have to be paid every year. The insurance company guarantees a death benefit to the beneficiaries after the demise of the insured. Additional cash benefits can be availed by the policy holder during the life of the policy.

Comparison chart

                                   

Improve this chart	Endowment	Whole Life Insurance
If alive at the end of the policy/coverage term:	Guaranteed payout	Guaranteed payout
Factors to consider:	Benefit amount, premium, investment rate, coverage term	Payout, Premium, Policy cash value, participating/non-participating.
Definition:	Endowment is type of permanent life insurance in which the premium paying period is shorter than whole life insurance and the insurance amount is paid out within a certain period (10-20 yrs) or when the insured reaches a certain age.	A life Insurance plan with an unspecified period, under which the death benefits are paid on death whenever it may occur.
Payment:	Death benefits paid at the time of death or a lump sum paid on maturity.	Death benefits paid on death (in full) up to age 100 or 120.
Premium:	Cost or premiums every month is comparatively expensive and premium paid over a shorter period of time.	Higher premium as whole life insurance plans must always pay out eventually and builds a cash value
Types:	There are three different types of endowment policies: with-profit, unit-linked and low-cost endowments insurance.	Whole life insurances are of different types: non-participating, participating, limited pay, single premium.
Advantages:	Limited period to pay premium, which builds cash value faster. Also, it is possible get a lump sum of cash in case of illness or at the time of maturity.	Level premiums distributed throughout life of insured and more affordable.