Which benefit is not typically associated with an endowment contract?

An endowment contract is a life insurance policy designed to pay a specified amount either at the end of a predetermined period or upon the death of the insured, whichever comes first. The key features of an endowment contract typically include a death benefit and a living benefit, meaning that if the insured is still alive at the end of the specified term, the policy matures and pays out the face value of the policy.

The benefit of reduced premium payments is not a typical characteristic of endowment contracts. Instead, they generally have higher premiums compared to traditional life insurance policies because they are designed to offer both a death benefit and a cash value component. The goal is to provide a guaranteed return of premiums through the policy's cash value, along with the death benefit.

Guaranteed return of premiums is a common benefit associated with endowment contracts since they ensure that the policyholder will receive a payout at the end of the term or in the event of death. Therefore, the option relating to reduced premium payments does not align with the fundamental nature of endowment contracts.