What kind of contract provides for payment at a specified age or at the insured's death?

An endowment contract is designed to provide a payout at a specified point in time, which could be at a predetermined age or upon the death of the insured, whichever occurs first. This type of policy combines life insurance with a savings component. If the insured reaches the specified age, the policy pays a lump sum, thereby serving as a source of financial protection during their lifetime. Alternatively, if the insured passes away before reaching that age, the beneficiaries receive the death benefit.

Whole life insurance provides coverage for the insured's entire life and includes a savings component, but it does not have a specific end date for the payout like the endowment contract does. Term life insurance, on the other hand, only pays out a death benefit if the insured dies during a specified term, and thus does not include a maturity benefit at a set age. Universal life insurance offers flexible premiums and adjustable death benefits but does not ensure a payout at a predetermined age like an endowment contract. Therefore, the distinct feature of providing a payout at a specified age or upon death firmly categorizes the endowment contract as the correct answer.