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Minimum income guarantee |
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Minimum income guaranteeThe Minimum Income Guarantee tops up pensioners' incomes from the basic state pension. In the year 2003, the top up is to £102.10 a week for a single person to £155.80 for a couple.The MIG rises with wages inflation which tends to move faster than price inflation (on which the basic state pension is based) so in time the gap between the state pension and the MIG should grow.Anyone with assets over £12,000 is disqualified from the MIG.Similar MatchesGuaranteeing or Avalising BankGuaranteeing or Avalising BankThe person, bank, or financial entity who gives the guarantee for the importer. MIG Mortgage Indemnity GuaranteeMIG Mortgage Indemnity GuaranteeThis is insurance for the lender paid by the consumer in a one-off payment, on 'high' LTV mortgages. This protects the lender in the event that you default on the loan and the sale of the property is not enough to repay the amount that they are owed. Some lenders will insist you pay this if your mortgage is for as low as 75% of the value of the property, but 90% is a more common level. Some lenders will not insist on it regardless of the loan value. You can often add this fee to the loan, but be aware that you will then be paying interest on it until the loan is repaid in full. Guaranteed minimum periodGuaranteed minimum periodThe period during which an annuity is paid irrespective of whether the annuitant dies during that period.If the annuitant lives beyond this period, payments continue until death. An annuity with such a guarantee could benefit people, with dependants who require the income to continue after their death. This means that the sum of money paid for the annuity would not be wasted in the event of early death. Guarantee mortgageGuarantee mortgageA loan guaranteed by a third party, such as a government institution. Guaranteed sum assuredGuaranteed sum assuredA term used by some life companies which refers to the minimum sum payable by a life policy either on the death of the life assured or on maturity. Further SuggestionsExport Credits Guarantee DepartmentGuaranteed Mortgage Certificates (GMC) Financial guarantee insurance Signature guarantee Guaranteed insurance contract Guaranteed death benefit guaranteed death benefit Medium Term Guarantee Program guarantee Guaranteed investment contract (GIC) Guarantee Fee Letter of Guarantee guaranteed trust Guaranteed replacement cost coverage insurance guaranteed renewable policy guaranteed income bond guaranteed minimum pension Multilateral Investment Guarantee Agency (MIGA) Guaranteed insurability Guaranteed bond Guarantee Indemnity Guarantee Premium Guaranteed renewable policy insurance guaranteed growth bond |
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