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Explain three nancial services appropriate to meet the needs of two contrasting customers.

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Transfer-Encoding: chunked Explain three other ï¬nancial services appropriate to meet the needs of two contrasting customers I have just finished my third week of training at The Co-operative Bank. My manager wants me to get an overview of other financial services offered by The Co-operative Bank. As a task I am requested to select other financial services/products that would be considered appropriate to the likely financial needs of a customer at a given life stage by completing the table below. I now must produce a report describing financial services appropriate to the needs of two contrasting customers. Post education pre-families will make use of Life Assurance. Life assurance policies pay out a large sum of money to a benefiter when the individual who is assured has died. The need for life assurance protection is found in many different circumstances including family protection, debt protection, tax mitigation and bbusiness protection. Life assurance protection policies fall mainly into 2 categories, whole of life assurance and term assurance. ...read more.


Lastly, Post education pre-families will make use of mortgages. Mortgages are a long term loan, usually between 10 to 30 years that is issued to buy property. Before the lender will issue the loan they will see the ability of the borrower to repay the loan, the nature and stability of the borrower?s employment and the borrower?s previous history of credit repayments. There are two different methods of repaying a mortgage. Repayment mortgage is when the borrower makes monthly payments, consisting partly of interest and capital repayment. The amount of capital outstanding therefore reduces over the period of the loan until it is fully repaid at the end of the term. Conversely, an Interest-only mortgage is when the monthly payments to the lender is made up solely of interest on the loan. No capital repayments are made during the term of the loan and the capital amount outstanding does not reduce at all. In addition to the payment methods there are also different ways of paying interest. ...read more.


Then there is General Insurance which includes all types of cover that are not defined as life assurance. General insurance includes property loss which covers loss, left or damage. Liability loss which results resulting from a legal liability to third parties, for instance personal injury or damage to property. Next is Personnel loss which is due to injury, sickness or death to employees. Then pecuniary loss as a result of defaulting creditors and interruption loss which is when a business is unable tom operate due to one of the other losses occurring like premises have suffered fire damage. Furthermore, there is building insurance which covers a building for things such as fires, floods, falling trees or breaking or collapse of television aerials. There are many further insurances such as travel insurance which covers you if there are problems when travelling or motor insurance which protects vehicles if it is someone else its fault. Established families will need to have insurance to protect themselves health wise and protect their belongings as it would cost a lot of money for items that are stolen or damaged even if it wasn?t their fault if they didn?t have insurance. ...read more.

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