Planning for All Families

Planning for All Families

What is a family? In the 1950s, the notion of the nuclear family predominated: Mom, dad and their biological children. Today, things are different. The term “family” embraces everything from same-sex married couples, blended households and committed cohabiters to multiple generations under one roof. If you're thinking about expanding your family — biologically, adoptively, adaptively or at the animal shelter — here are some things to keep in mind.


"We're Expecting!"

The United States is the most expensive country in the world to have a baby and costs vary from state to state. You will want to check your disability benefits and your health insurance terms for maternity coverage.

“We’re Adopting!”

Opening your heart and home to a child can be life-changing. But you’ll need to plan ahead. In the U.S., it can take upwards of $40,000 to cover all the costs.i You may qualify for tax credits to offset part of the expense. Also, some employers offer financial reimbursement for adoption fees.

“We’re Exploring our Options!”

Fertility issues can slow efforts to start a family, but medical options provide a pathway for many. It can be costly, though. Just one in-vitro fertilization (IVF) cycle runs from $10,000 to $15,000, and it often takes multiple cycles to achieve a pregnancy.ii Some fertility clinics offer financing and refund options to help reduce the financial burden.


Research shows that millennials, in particular, are focused on making sure their parents are taken care of.iii You can smooth the transition from dependent to caretaker by talking to your parents about their needs.


We know that millennials are marrying and having children later in life than previous generations. So, it’s not surprising that 44 percent of millennials consider their pets to be “starter children” and a whopping 75 percent own a dog.iv If you’re thinking of bringing a fur baby into your family, consider pet insurance. It can be an affordable way to help defray the cost of keeping your pet healthy and happy.

Protect Your Paycheck

As your family grows, a strong income protection plan can help bridge the gap if you are unable to work due to illness or injury. It’s one less "what if?" to worry about.

Protect Your Dreams

Among Americans, top priorities include educating their children and protecting their future.v Whole life insurance can help you do both, with a guaranteed death benefit for loved ones and a guaranteed cash value that can be applied to education. vi,vii Who you designate as a beneficiary is your choice — life insurance helps protect any type of family.

Become a World-Class Saver

Developing a savings plan as early as possible is another smart way to fund your child’s higher education. Regularly saving 15 to 20 percent of your income is a good target.

Clearly, family structures are changing, and with these new structures come different dynamics and considerations. No matter what your family portrait looks like, a financial professional can help you to understand the assets and resources available, and how best to use them for everyone’s benefit.

Brought to you by The Guardian Network © 2018. The Guardian Life Insurance Company of America®, New York, NY

2018-67137 Exp. 09/2020

The Guardian Network® is a network of preferred providers authorized to offer products of The Guardian Life Insurance Company of America (Guardian), New York, NY and its subsidiaries.



iii From Smartphones to Smart Planning. Millennials want and need digital and human experiences to achieve financial independence. Guardian Life Insurance Company, 2018.


v From Concerned to Confident, The Guardian Study of Financial and Emotional Confidence, The Guardian Life Insurance Company, 2016.

vi All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

vii Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

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