Endowment life insurance is an insurance product that can double up as a regular savings plan. This can then be used, for example, to send a child to college or University. An endowment policy is set up as a regular savings plan, and at the end of a set period it will pay out a lump sum. The policy incorporates life insurance, so in the event that the policyholder dies in the meantime, the policy will pay out on death.
If you choose an endowment plan, you will have the flexibility to choose your monthly premium and the period the policy must cover. You can work out the monthly premium you want to pay, based on how much cash you will eventually need.