Category Archives: Insurance

Whether you’ve purchased a property to live in, or are letting it, you should think about taking out home insurance. So many people do because it provides them with a safety net in case of an unforeseen situation. And, that’s not the only benefit.

In this blog, we explore the reasons why home insurance should be one of your top priorities…

1. Theft

These days, it’s unlikely that your home doesn’t boast expensive technology. Unfortunately, these lightweight high-cost items are attractive to potential thieves. Even if you don’t own the likes of a laptop, TV or tablet, you’ll probably have a smartphone!

If stolen from your home, you can rest easy knowing that they can be replaced through an appropriate home insurance policy. Plus, any other items can be insured too – for example, jewellery or watches.

2. Natural disaster

There’s a lot in the news about climate change, and you can’t ignore the extremely hot temperatures or hard-hitting storms. And nowhere appears to be safe – from the Lake District and Wales to London and Manchester, we’ve all felt the impact.

The weather has more than wreaked havoc in recent times, and the future doesn’t look any brighter. But, you can be prepared. The right policy will generally cover against financial loss caused by storm damage.

3. Damage

A natural disaster isn’t the only way your home could suffer harm. Accidental damage is common – especially if you have children. You could also be at risk of structural damage, or, in the event of a fire, substantial destruction.

Home insurance will not only provide you with protection in terms of covering repairs, but can also pay for accommodation if you need to move out of your home temporarily during difficult times.

4. Water escaping

From burst pipes to leaking tanks, escape of water is one of the most common home issues. Whilst there are preventative measures you can take, like ensuring your heating is on so pipes don’t freeze, there are still ways leaks can trickle through.

However, if you have home insurance in place, you’ll have peace of mind that if something does happen, your property will be protected.

5. Better mortgage rates

Taking out home insurance can also give you access to better mortgage rates when purchasing a new property, or remortgaging an existing one. Being covered will make you more favourable in the eyes of many lenders.

Home insurance isn’t the only type of insurance that’s beneficial. Depending on your circumstances, life insurance protection might also prove worthwhile. But, there will be a lot of research needed to locate the best deals – unless you use Red Star Financial Services.

We’ll not only quickly find you the appropriate policies, but we also provide tailored support and guidance. And, you can have complete faith in our team – we have over 10 years’ experience, and are FCA-regulated. Simply get in touch with our friendly team to have a chat about your needs.

Whatever your age, it never really feels like the ‘right’ time to think about life insurance. But, in reality, it’s the opposite – it’s always the ‘right’ time. And, protecting your loved ones from a financial burden, isn’t the only benefit of having cover.

Here, we outline the key reasons why having life insurance protection is so important.

Support for dependants

If you have a partner who relies on your income to afford to live, or children or other relatives who do, then it’s important to think about how they would cope if you were no longer around.
Whilst there will most probably be some government benefits available to them, these are lower than you’d think. By having life insurance in place, you can ensure they’re financially taken care of.

Lingering debts

Life insurance protection also means your family aren’t left paying for anything you owe. From credit cards to loans, these could be a high expense for your loved ones to cover. And, these debts include your mortgage too!

If your family still live in the mortgaged property, you’ll want to ensure that the roof remains over their head. Not being able to afford the mortgage and being forced to move would be the last thing they would need, in an already tough time.

Funeral costs

The average cost of a funeral is over £3,000 – and this is often overlooked. Although there are ways to cut down this high cost, your family will want to give you the send-off you deserve, and naturally this comes at a price.

Life insurance will either provide your dependants with a lump sum of money, or regular payments, meaning they can use this to cover the high fees associated with funeral care.

Inheritance tax

If you plan to leave inheritance that equals more than £325,000, inheritance tax will be deducted from the total amount. However, it is possible to set up a life insurance policy within a trust, meaning there would be no tax.

Life insurance can also speed up the payouts if you pass away, reducing the need for your loved ones to go through a lengthy claims process.

There are a variety of different types of life insurance protection. The two main ones are:

Term life which runs for a fixed time and only pays out if you die during the specified period or,
Whole-of-life which pays out regardless of when you die.

Figuring out which life insurance protection plan you require isn’t easy, especially if you have unique circumstances such as a long-term health condition. This is where Red Star Financial Services can help. With our tailored guidance, we take the weight off your shoulders. Plus, we can advise on other types of cover too, including mortgage protection cover, income protection, critical illness cover, funeral plans and over 50’s insurance.

We want to make sure you’re best protected, as well as supported. Get in touch with our personable team today to discuss your situation.