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Growing your family With an expanding family comes new financial responsibilities.
When a family is expanding, there are a few financial details that parents often consider.
A top priority for growing families is protecting your income—in case something happens that keeps you from working.
Establishing the right level of coverage to ensure your family is able to meet expenses is important. You may already have insurance through work, which is a good start, but it might not provide you with the full coverage you need.
Another priority for new parents is creating a savings strategy, which requires a lot of balance given that your expenses will increase when you welcome new family members. Childcare, groceries, diapers, and mortgage payments can significantly increase your overhead costs. However, prioritizing saving for the future now ensures that you’re prepared for coming expenses, like putting your kid through college.
Learn more about options for protecting your family and creating savings for the future, while balancing your budget.
Tips for becoming financially prepared
01
Insurance is a key part of a family's protection strategy
a) The younger and healthier you are, the less life insurance costs.
b) Choose solutions that align with your needs—and remember that the cheapest option isn't always the best.
c) Consider a combination of temporary and permanent life insurance, so you have the right benefits.
02
Preparing for your financial future can be achieved in different ways
a) Permanent insurance can help you grow cash value over time and cover future expenses, like college tuition.
b) Taxes can have implications for your long-term assets, so speak with an expert when you prepare your strategy.
c) Combine different products to create a financial strategy that benefits your short- and long-term, including funds you can access without being penalized.
Learn how we can help you meet your retirement goals and prepare for your family's future.
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Many new parents combine a few products to best address their financial needs.
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Life insurance 101
Everything you need to know about how life insurance works and the benefits the right policy gives you, so you can start planning your ideal future.
1Accessing the cash value of a whole life insurance policy will reduce the available cash surrender value and the death benefit.