Explain three other ﬁnancial 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. Whole of life assurance is when the payment is payable whenever the death occurs; therefore has no fixed limit. On the other hand, term assurance is only payable if the death occurs before the end of a specified term usually up to 30 years. Post education pre-families will use life assurance to protect their families from their death.