F

Family Income Benefit (Personal Insurance)

Family Income Benefits pay a monthly income if the policyholder dies whilst the policy is in force. The monthly income would of been predetermined from the start of the policy and would continue at the amount specified in the policy until its termination date. The monthly income can either be fkat rate or index linked. However, if the policyholder lives to the end of the policy’s term, no payment will be made.

First Time Buyer (Mortgages)

Someone who purchases a primary residence for the first time. Buying a home can require a large deposit.

Fixed Interest (Investments)

A Fixed Interest rate does not change during the period of a loan or other type of credit. For example, if you borrow money at a Fixed Interest rate of 5%, then 5% is calculated over the principal balance each time the interest compounds. A fixed interest rate differs from a variable interest rate, which can change.

Flexible Drawdown (Pensions)

A Flexible Drawdown is a type of income withdrawal, where you can choose to access the Pension Commencement Lump Sum and take an income (or not) directly from your Pension Fund without having to purchase any form of annuity.  A Flexible Drawdown does not cap the income level you can receive but you have to have a minimum income level from another source

Funeral Plans (Personal Insurance)

Funeral Plans are insurance contracts where the proceeds merely meet the Financial obligations of the bereaved to pay for and organise the event.

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