So are your financial responsibilities.
A Blessed Event That Lasts a Lifetime
Having a baby, adopting a child or welcoming a grandchild can bring immediate, immeasurable joy. It can also spark new worries – and reveal new reasons to be wise with money.
According to the U.S. Department of Agriculture, the average cost of raising a child in the U.S. is nearly $234,000 – or about $13,000 a year.1 (And that doesn't include college expenses.)
Clearly, having a family is a significant financial commitment. It can prompt questions – and increase tensions. Working with a Thrivent Financial professional can help you map out how to include your new family member on your Wise With Money Journey.
As your child grows, many of the decisions you make – and actions you take – will reflect your Christian values. Your financial strategy can do the same. Thrivent Financial can help you make it happen.
Whether they're infants, toddlers or teens, children trigger new financial needs. Your Thrivent Financial professional can help you examine products and services that could help you reach short- or long-term goals.
PROTECT YOUR FAMILY'S FINANCIAL FUTURE
Parenthood often prompts people to obtain – or increase – life insurance coverage. Doing so can help ensure your child will have financial support throughout childhood – even if you can't be there.
You may also want to consider juvenile life insurance. It can help protect your child's future insurability and be a potential funding source for college or a first home purchase.2 It can also help you cover funeral expenses and address emotional needs if your child passes away.
PREPARE FOR AN UNEXPECTED ILLNESS OR INJURY
With a growing family, you have more people to provide for – and more reason to ensure income flows into your household, no matter what.
Disability income insurance can help your family cover bills and other expenses if a wage earner becomes disabled or seriously ill and can no longer work. Coverage for a stay-at-home parent can help pay for childcare and other services that become necessary if that person is sick or injured.
INCLUDE COLLEGE SAVINGS IN YOUR FINANCIAL STRATEGY
When a child comes along, it's natural to make college savings a priority. But it's also important to incorporate that goal into a holistic financial plan for your family.
Our fee-based Financial Planning Services can be a great way to structure a relationship with an advisor who can help you develop a strategy to fund multiple long-term goals – while minimizing your expenses and avoiding debt along the way.
In addition to helping you save money for college, your advisor can help you make those savings go further when it's time to start paying tuition bills.
Worried about saving enough for your child's college education? Discover how you can help cover the costs.
Want to Change the Subject?
Expecting another major event? Curious about an upcoming life stage? Explore more twists and turns you may need to navigate. And learn how Thrivent Financial can help.
MORE TO EXPLORE
Family and friends routinely flood newborns with welcome presents – from booties and blankets to bouncy seats and baby dolls. But one gift can top them all, protecting your child now and in the future.
Your insurance strategy can help provide protection and flexibility for you and your family. In particular, cash value life insurance can provide a range of options. And getting cash out of your life insurance may be easier than you think.
You can't necessarily call unexpected expenses "unexpected." They arise for all of us. If you're not prepared for such pitfalls, they can quickly derail your financial life. Having an emergency fund in place can provide valuable protection.
2 Loans and surrenders will decrease the death proceeds and the value available to pay insurance costs, which may cause the contract to terminate without value. Surrenders may generate an income tax liability and charges may apply. A significant taxable event can occur if a contract terminates with outstanding debt. Contact your tax advisor for further details. Loaned values may accumulate at a lower rate than unloaned values.
This is a solicitation for insurance. A Thrivent Financial professional may contact you. Thrivent Financial professionals are licensed insurance agents/producers.
These contracts have exclusions, limitations, reductions of benefits and terms under which the contract may be continued in force or discontinued. For costs and complete details of coverage, contact your licensed insurance agent/producer.