What type of life insurance policy pays the face amount if the insured is still alive at the end of the specified period?

An endowment policy is designed to provide a maturity benefit, which is the face amount of the policy, if the insured survives until the end of the specified term. This type of policy combines elements of both life insurance and savings, ensuring that the policyholder receives a payout at a predetermined date if they are still living. This unique feature differentiates it from other life insurance products that primarily focus on providing benefits only upon death during the policy term.

In contrast, adjustable life, modified life, and universal life policies may include flexibility in terms of premiums and benefits but do not guarantee a payout merely for surviving to the end of the policy term. Instead, they primarily provide a death benefit, and any cash value accumulation may have different structures and rules pertaining to policy loans, withdrawals, and changes in coverage.