This is a follow up question on Financial product where the investor makes regular contributions and receives a lump sum. "Deferred annuity" and "endowment policy" are the financial products that fit the description.
Definition of endowment policy on Wikipedia:
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death.
Definition of deferred annuity on Investopedia:
A deferred annuity is a contract with an insurance company that promises to pay the owner a regular income, or a lump sum, at some future date.
What is the difference between a deferred annuity and an endowment policy? Are they the same thing?