What type of policy should T purchase to ensure $10,000 is available in 10 years for a roof replacement?

To ensure that T has $10,000 available in 10 years specifically for a roof replacement, a 10-year endowment policy is the most suitable choice.

An endowment policy is designed to pay a specified sum of money at the end of the policy term, which in this case is 10 years. If T selects a 10-year endowment, the policy guarantees that the sum of $10,000 will be paid to the policyholder at the end of the 10 years. If the policyholder passes away before the end of the 10-year term, the designated beneficiaries will receive the payout. This dual benefit ensures that T can either receive the funds for the roof replacement or provide financial protection to beneficiaries if something unexpected occurs.

Other types of policies such as a whole life policy would provide lifetime coverage and a cash value component but do not specifically meet the requirement for a designated payout in 10 years. Joint life policies cover two or more individuals and are typically focused on providing coverage for a couple or partners; they do not provide a fixed sum at a designated future date. Family maintenance policies combine life insurance with income benefits but may not guarantee a specific amount like the endowment does.

Thus, a 10-year end