Family Income Life Insurance:
Combination of whole life and decreasing term insurance, whereby a lump sum is paid when the insured dies, and an income is also paid for a specified period to help support the insured’s family.

Fiduciary:
An individual or institution under a legal obligation to act for the benefit of another party.

Fiduciary Duty:
The level of obligation required of a trustee. A fiduciary duty implies a very high level and standard of care in dealing with assets on behalf of a beneficiary. If this duty and standard is not met, the trustee could be legally liable for the consequences.