Endowments are policies where the cash value built up inside the policy, equals the death benefit (face amount) of a certain age. Age this begins is known as the endowment age. Endowments are considerably more expensive (in terms of annual premiums) than either whole life or universal life because the premium paying period is shortened and the endowment date is earlier.
In the United States tightened Technical Corrections Act of 1988 rules on tax shelters (creating modified endowments). These follow tax rules as annuities and IRAs do.
Endowment is paid whether the insured lives or dies, after a certain period (eg 15 years) or a specific age (eg 65).
