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ideaalverzekering

English translation: endowment life insurance

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Dutch term or phrase:ideaalverzekering
English translation:endowment life insurance
Entered by: ddescamps

12:46 Sep 27, 2008
Dutch to English translations [PRO]
Bus/Financial - Insurance
Dutch term or phrase: ideaalverzekering
This is a text on life insurances and mortgages. This is the context: "Een bekend voorbeeld hiervan is de zogenoemde ideaalverzekering, een combinatie van een gemengde verzekering op vaste termijn en een erfrenteverzekering."
ddescamps
Belgium
Local time: 06:03
endowment life insurance
Explanation:
In the Anglo-Saxon market, there is no exact equivalent to a policy that pays a lump sum at a fixed age and/or a life annuity (erfrente) upon the death of the insured.

European insurance providers do offer some life insurance policies that serve as a form of savings and that can be converted to a lump sum payment or a life annuity upon maturity.

English/American insurers typically either pay a lump sum to the estate upon death, or a lump sum at a predetermined age during the lifetime of the insured.

A somewhat newer product is the so-called Endowment life insurance policy - often used to cover mortgage payments for the life of the mortgage in the event of illness or unemployment.
Therefore in the UK this is often called an "endowment mortgage".

"Endowment Life Insurance: First of all, you pay premiums for an agreed period, e.g. 10 or 15 years. At the end of this agreed period you will receive a lump sum, which is either the sum insured together with bonuses in the case of a with-profits policy, the lump sum is the return of all money invested together with the investment growth. If you die before the maturity date the insurance company will pay the sum insured, or the value of the policy at that time if greater." (http://www.insurances.co.uk/life-insurance/index.html)
Selected response from:

Monica Sandor
Belgium
Local time: 06:03
Grading comment
Thank you very much for this extremely extensive explanation. I hope I can return the favour!
4 KudoZ points were awarded for this answer



Summary of answers provided
4endowment life insurance
Monica Sandor


Discussion entries: 1





  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
endowment life insurance


Explanation:
In the Anglo-Saxon market, there is no exact equivalent to a policy that pays a lump sum at a fixed age and/or a life annuity (erfrente) upon the death of the insured.

European insurance providers do offer some life insurance policies that serve as a form of savings and that can be converted to a lump sum payment or a life annuity upon maturity.

English/American insurers typically either pay a lump sum to the estate upon death, or a lump sum at a predetermined age during the lifetime of the insured.

A somewhat newer product is the so-called Endowment life insurance policy - often used to cover mortgage payments for the life of the mortgage in the event of illness or unemployment.
Therefore in the UK this is often called an "endowment mortgage".

"Endowment Life Insurance: First of all, you pay premiums for an agreed period, e.g. 10 or 15 years. At the end of this agreed period you will receive a lump sum, which is either the sum insured together with bonuses in the case of a with-profits policy, the lump sum is the return of all money invested together with the investment growth. If you die before the maturity date the insurance company will pay the sum insured, or the value of the policy at that time if greater." (http://www.insurances.co.uk/life-insurance/index.html)


    Reference: http://www.insurances.co.uk/life-insurance/index.html
Monica Sandor
Belgium
Local time: 06:03
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Grading comment
Thank you very much for this extremely extensive explanation. I hope I can return the favour!
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