A life insurance policy option under which accrued dividends may be used to mature the policy as endowment insurance. This option allows the application of accumulated dividends to convert the policy into an endowment policy prior to its original maturity date. In essence, an endowment policy provides for a lump sum payment to the insured after the passage of a specific period of time. An accelerative endowment is a type of an accelerated option that allows policyholders to avail themselves of the value of their life insurance policies while they are alive. A holder of the resulting endowment policy can invest the lump sum amount in any desired way or can use it to purchase an annuity policy that generates fixed income