Young Families: The Cost Versus Protection Challenge Finding the right balance of protection and affordability is critical

Being young and starting a family is one of the most exciting times in many people’s lives – lots of opportunities ahead and so many memories to make together.  Unfortunately, young families are often the most vulnerable to life’s uncertainties. They’re the ones with many peak earning years ahead of them and lots of potential unknowns to encounter.
Ensuring proper protection is important when designing a financial strategy to meet the needs of young families.  While each financial strategy will be different, there are a few things that every family should consider.
Life insurance and disability income insurance help to form the foundation of a healthy financial strategy. A few companies are working to develop new offerings that allow new generations to access and leverage solutions tailored to their lifestyles, incomes and families.
Thrivent Financial recently launched a new Universal Life Insurance product that combines the affordability of term insurance with the premium flexibility and potential cash value growth of permanent insurance.
This gives young parents the option to purchase a lifetime of coverage at a beginning price point that is generally very competitive with that of term insurance options many young people might purchase.  This permanent coverage has the potential to build cash value accumulation that can be used for other things—for example, an emergency savings fund.
Disability income insurance is another cornerstone to consider so families are protecting their paychecks and future goals.  New innovations offer options including “stay-at-home-spouse” benefits, allowing couples who have one person working inside the home to be protected also.  This type of coverage can protect the invaluable contributions of stay-at-home spouses, and may help with all they do for a family, should they be unable to work in the home.
Innovation and financial services aren’t often in the same sentence together. However, with the unique challenges and opportunities faced by young families- new options are appearing that are tailored to the needs of a new generation.
Melanie Meyer, CFP, CLU, and Jeff Meyer, CLU, ChFC, are owners of the Pathway Financial Group of Thrivent Financial.  They have offices at 25350 Magic Mountain Pkwy, Ste 300, in Valencia, CA, and can be reached at 661-799-0230.
Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents/producers of Thrivent. For additional important information, visit Thrivent.com/disclosures. If requested, a Thrivent Financial representative may contact you and financial solutions, including insurance, may be solicited.