Which policy is designed to mature at a specified time or age for a lump sum?

An endowment policy is specifically designed to provide a lump sum payout either at a specified time or when the insured reaches a certain age. The key feature of endowment policies is that they combine insurance protection with a savings component. They are intended to offer financial support at a predetermined future date, making them suitable for individuals who want to ensure that a specific amount of money is available after a certain period or at a specific age.

In contrast, term life insurance offers coverage only for a set period without any cash value accumulation. It pays a benefit only if the insured dies during that term, but does not provide any lump sum maturity at a specified time. Universal life insurance provides flexible premiums and death benefits but does not guarantee a set maturity payment at a specific age. Family maintenance policies blend term insurance with a permanent component but are not structured to guarantee a lump sum payment at a specified time. Thus, the characteristics of an endowment policy align perfectly with the question regarding maturity at a designated time or age for a lump sum, making it the right answer.