Gilts

An abbreviation for ‘gilt edged securities’. Bonds or loan stocks issued by the UK government usually paying a fixed rate of interest and regarded due to the Government backing as the safest form of capital retention. Low risk but also low reward.

GIV

Gift inter-vivos. A gift made during a person’s lifetime as opposed to a legacy, which passes on death.

Grace Period

The specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues.

Granny Bond

Bonds which are issued by the UK Government with enhanced interest or tax privileges. They are not available to persons other than of pension able age.

Grant

The award of funds to an organisation or individual to undertake charitable or tax-exempt activities.

Grantee

Individual or organisation that receives a grant. Also called a donee.

Grantor

Individual or organisation that makes a grant. Also called a donor.

Gross

To earn as a total income or profit before deductions.

Gross Premium

Actual premium paid by the policyholder before any tax relief or discount is taken into account.

Guaranteed growth bonds

These are fixed term investments, where you invest a lump sum and are guaranteed either a minimum return or that you won’t lose capital.

Guaranteed Period

This is a period for which an insurer will guarantee a quoted rate prior to it being accepted. The period for which a guaranteed annuity will continue regardless of the survival of the annuitant.

Guaranteed Income Bond

This is a single premium insurance contract providing payments at regular intervals for a fixed period at the end of which the premium is returned.