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Planning Ahead: A 3-Step Guide for Securing Your Future

Last updated 03/07/2024. 4 min.

 

Demystifying Insurance

Planning Ahead: A 3-Step Guide for Securing Your Future

In a world brimming with uncertainties, planning for the future is not just wise—it’s essential. As Forbes Magazine notes, “Insurance is critical to modern life.” The world is evolving, and so is insurance in the modern world. Future-focused individuals understand that proactive measures today lay the foundation for a stable and secure tomorrow. This blog post will explore the importance of early planning and how insurance is a cornerstone in safeguarding your financial future.

 

Step 1: Understand How Insurance Fits In

You need to understand what insurance is and how it fits into your financial picture. Basically, insurance protects your money. If you might be responsible for some financial loss—like accidental damage to property or injury to someone, resulting in repair bills or medical expenses—insurance can really come to the rescue.* How? Because with insurance, you’re transferring the risks of financial loss to the insurance carrier. As a result, they “carry” the burden of paying for those losses on your behalf if they occur. 

Here is a real example using one of the carriers Green Brook offers:

John has a three-unit building insured. He is paying $2,387.48.

There is a fire and much of his building is destroyed. But John’s insurance carrier, Nationwide, has carried the financial burden of the loss so John didn’t have to. John filed a claim for Nationwide to take the financial hit. And they did:

Yes, you saw that right! The insurance company paid $122,203.85 to restore John’s building so John didn’t have to. That’s the power of insurance.

At Green Brook, we consider Insurance a “necessary expense.” It’s necessary because it’s the protection of your wealth, income, assets, and in some cases, your family’s financial future (ask John). It’s an expense because you have to pay for it. And people who are smart with money try to limit their expenses. With that said, it’s best to think about insurance with both your needs and your wallet in mind. 

We find that good planners are most happy when it comes to insurance. Whether you’re preparing to buy a car  or house, start a business, or you’re doing financial planning, you should understand how all the pertinent expenses fit into your budget. Since insurance is necessary for financial security, it’s important to get educated and prepare by getting quotes. Get a quote with Green Brook. We have access to all the best carriers.  

 

Step 2: Understand Your Insurance Needs

The second step in securing your future is understanding your unique insurance needs. Do you have a family to protect? Are you planning to purchase a home or multi-unit building like John? Will there be tenants? Are you starting a business or side-hustle? 

Go through this exercise: List all of the risks associated with your particular scenarios.  Understanding these elements and having a conversation with an Insurance Advisor at Green Brook will help you determine the types of insurance (life, vehicle, property, business, etc.) and the types of coverages that are most appropriate to you. Why don’t you email us what you have in mind? We’re happy to brainstorm with you, answer questions and offer insurance solutions.

 

Step 3: Review With Experts and Update Regularly

Life is dynamic, and your insurance coverage should evolve with it. Regular reviews of your insurance policies ensure that your coverage aligns with life changes such as marriage, the birth of a child, career progression, or purchasing additional property. Keep your Insurance Advisor informed about these changes to adjust your plan accordingly. Navigating the world of insurance can be complex. Expert advisors at Green Brook Insurance can provide clarity and confidence in your decisions. Our team can help tailor a strategy that meets your specific needs, ensuring that your future is secure and your peace of mind is intact.

Insurance is more than a financial safety net—it’s a proactive strategy for peace of mind and future stability. At Green Brook Insurance, we are committed to guiding you through the intricacies of long-term insurance strategies. By understanding what insurance is for, understanding your needs, reviewing and updating your insurance plans with experts regularly, you can effectively secure your financial future. We are here to help you every step of the way. Start planning today for a secure tomorrow.

*Insurance protects a lot more than what was mentioned in this article. Call Green Brook and speak to an Insurance Advisor. We love to discuss insurance.