Advisory Services

Welcome to Advisory Services. We are an independant financial advise company based in Warwickshire.

 

Mortgages

For Mortgage Services, Advisory Servces is at hand to make the whole process run as smoothly and stress free as possible.

 

Pensions

Planning for retirement is one of the most important investment decisions, that is why we at Advisory Services are here to help.

 

Investments

The range of choices available to investors can be overwhelming without the appropriate help and advice. Here at Advisory Services, we can provide exactly that.

 

Contact Us

If you would like to know more about any of our financial advice services, please get in touch with us today.

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Life Insurance

Term assurance

Term Assurance is the most basic and cheapest form of life insurance. It is mainly designed to cover the repayment of a mortgage in the event of a borrower’s death. There are 3 main types: decreasing term assurance, level term assurance and convertible term assurance. They share the same characteristic where the sum assured is payable only on the death of the life assured within the policy term. Policy can be taken out on one or more lives and it is very useful for joint mortgage borrowers to arrange a joint policy to pay out the sum assured on first death to protect the surviving borrower.

Decreasing term assurance

Decreasing term assurance is commonly used in conjunction with a capital repayment mortgage. The level of cover decreases in line with your mortgage balance. Therefore, the policy will repay the outstanding mortgage debt in full, providing premiums have been maintained and the mortgage account is not in arrears. Premiums of these policies are fixed at the outset and remain the same throughout the term of the policy.

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LIFE INSURANCE

Level Term Assurance

Level term assurance will usually be arranged by mortgage borrower who has a interest only mortgage and is using an ISA or person pension plan as the mortgage repayment vehicle because neither of these mortgage products have any built-in life cover. Although level term assurance policy is slightly more expensive in comparison to decreasing term assurance policy, some mortgage borrowers prefer to have a level term policy because there will be a surplus available for the surviving borrower after the mortgage has been repaid.

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LIFE INSURANCE

Convertible Term Assurance

Convertible term assurance is a form of level term assurance policy which provides an option to convert it into whole-of-life or endowment assurance at a later date, without the need for the policyholder to make a further health declaration. With this extra feature, the cost will be around 10% to 15% higher than an ordinary level term policy.

This option can be exercised at any time during the term of the policy. The premium on the new plan will be calculated based on the policyholder's original health declaration, and also on their age at the time of the request of conversion

It is a very attractive life insurance product for first-time buyers who has a limited income and cannot afford endowment premiums at the beginning of their term, but also need to protect their mortgage.

If you fail to maintain premiums, the contract will lapse without value, and you will lose the valuable benefits secured.

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