Growing Your 


I am the perfect person to talk about this; babies absolutely love me. My partner says its because I cry just as much and am just as co-dependent; but I think it’s because I just really get babies. Who’s to say who’s right?

Anyways, with an expanding family comes new financial responsibilities. I’m sure you already know this, but having a baby is expensive... forever, not just when they’re a baby. 

When your family is expanding, there are a few financial details that parents often consider. A top priority for a growing family is protecting your income, which involves covering you when something happens that prevents 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. Benefits through your employer are typically not enough to cover your needs, and they typically have many strings attached/are not guaranteed. 

Another priority for new parents is creating a savings plan, 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- right now, ensures that you’re prepared for coming expenses, like putting your kid through college. The great thing about what we do at CL, is we are able to customize and tailor make your financial solutions, so they fit your budget, while meeting your financial goals and taking care of your financial needs. 

Income Protection

 Life insurance is a reliable way to ensure that your family has the right amount of income to maintain the things that are important to all of you—no matter what happens. Term life insurance provides protection for a set period of time to ensure your family has income for important expenses, like mortgage payments or childcare; while being incredibly affordable. Whole life insurance provides protection forever; along with an important way to accumulate assets for future needs, through growing cash value. Your cash value grows over time, tax deferred, and it can be accessed for future expenses, like paying for college, home improvements, or creating additional income in retirement.

Saving for the Future

 There are different investment products that can be used to save for the future. For example, an RESP can be used for your child's future education—whether at a traditional four-year college or a vocational program. These are tax-advantaged plans designed to help with long- term saving for this specific goal. Mutual funds are an investment vehicle that can grow assets based on the upside potential of the markets, which may help you save for the future.

Tips for your finances as new parents

1Insurance is a key part of a family's protection plan
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.
2Preparing 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 our experts when you prepare your plan.
c) Combine different products to create a financial strategy that benefits your short- and long- term, including funds you can access without being penalized.