Info needed about (life) insurance

schoo

I'm a complete dumbo about this - I've heard of an insurance that runs for a set period (10 years for my friend) and then paid out a lump sum. Can somebody please tell me what this insurance is called? And would there be any point in a 70 year old taking out such a policy?

opinions4u

Are you saving for anything in particular?

Would anybody lose out financially if you died?

What you describe sounds like an endowment. But there tend to be better ways of saving and better ways of insuring.