Do you need help threading through the maze of financial jargon?

Use our Jargon Buster to gain a better understanding of just what those financial terms really mean and what financial products can offer
you.

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Annuities

Having successfully built up a pension fund during your working life, there will come a time when you will need to make some important decisions about how to use this fund. These decisions involve how you intend to draw your pension income to ensure the benefits best suit your needs in retirement. It is normal for people who are retiring to convert a portion of their pension fund into a tax-free lump sum with the balance used to purchase an annuity.

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Banking (online)

In 1990 the Wells Fargo Bank, based in California USA, introduced the world's first online banking service. It was not until 1997 that a similar service was launched in the UK by the Nationwide Building Society. Since the introduction of the first services many banks have started their electronic banking services with access available via your PC, mobile phone or an interactive TV.

Many banks now offer Internet based services alongside their traditional banking facilities, whilst other organisations have established new breeds of 'Internet' or 'Telenet' banks. Telenet banks are those that allow their customers to communicate by telephone as well as the Internet. Most of the UK's new 'Internet or 'Telenet' offerings have the backing of large and well known financial institutions.

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Buildings Insurance

Buildings Insurance covers loss or damage to the actual structure of your home, the Building itself. While Contentsinsurance covers the loss of your possessions it will not cover the, generally, higher value of your property. Your home needs separate cover and this is known as Buildings Insurance.

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Cash ISAs

This guide only considers Cash ISAs. Our main ISA Guide looks at the subject of investments into ISAs in greater detail. You may wish to read that guide as well this one.

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Contents Insurance

Contents insurance gives protection on your personal possessions. This may be at home, in the car or on the move. It is often combined with Building insurance. Contents insurance covers both the total loss of your possessions or their damage caused by: theft fire, flood or smoke damage water from burst boilers, tanks or pipes accidental damage subsidence falling branches, trees or aerials.

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Critical Illness

The name of this type of Insurance cover can be slightly misleading and it would probably be better described as Serious Illness Insurance. It is often possible to claim on the policy even if you were to contract an illness that is not immediately life threatening.

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