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healthy finances<br />
Young Families<br />
The Cost Versus Protection Challenge<br />
Finding the Right Balance of Protection and Affordability Is Critical<br />
Timothy J. Ippel<br />
CFP ® , ChFC ® , CLU ®<br />
By Timothy J. Ippel, CFP ® , ChFC ® , CLU ®<br />
Being young and starting a family is one of the most exciting<br />
times in many people’s lives — lots of opportunities are<br />
ahead and there are so many memories to make together.<br />
Unfortunately, young families are often the most vulnerable to<br />
life’s uncertainties. They’re the ones with many peak earning years<br />
ahead of them and lots of potential unknowns to encounter.<br />
Ensuring proper protection is important when designing a financial<br />
strategy to meet the <strong>need</strong>s of young families. While each financial<br />
strategy will be different, there are a few things that every<br />
family should consider.<br />
Life insurance and disability income insurance help to form the<br />
foundation of a healthy financial strategy. A few companies are<br />
working to develop new offerings that allow new generations to<br />
access and leverage solutions tailored to their lifestyles, incomes,<br />
and families. Thrivent Financial recently launched a new Universal<br />
Life Insurance product that combines the affordability of term<br />
insurance with the premium flexibility and potential cash value<br />
growth of permanent insurance.<br />
This gives young parents the option to purchase a lifetime of<br />
coverage at a beginning price point that is generally very competi-<br />
Page 26 — Healthy Cells Magazine — Mid-Illinois <strong>Springfield</strong> / Decatur — September 2016
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