Take the stage: Planning for LGBTQ+ families

3 MIN READ | #blog

If you are planning to expand your family – biologically, adoptively, adaptively or at the animal shelter – there are considerations  to take into account as you plan for your family’s well-being.

You … plus a child

Expecting a child

The United States is the most expensive country in the world to have a baby1 and costs vary from state to state. You will want to check your disability benefits and your health insurance terms for maternity coverage.


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.2 You may qualify for tax credits to offset part of the expense. Also, some employers offer financial reimbursement for adoption fees.

Exploring your options

Some LGBTQ+ families expand with the support of medical professionals. Just one in-vitro fertilization (IVF) cycle can cost between $15,000 and $30,000. depending on the individual’s medication needs. Medication can account for up to 35% of the cost3 For many patients, several cycles of IVF are required before they conceive. Coverage of IVF may come with the stipulation to provide proof of infertility, and if proof is not available, this cost is often not covered by medical insurance. Some fertility clinics offer financing and refund options to help reduce the financial burden.

Surrogacy is another option. Complex medical procedures, legal processes, people and services involved can lead to significant costs that can range from $60,000 to $150,0003

You … plus an aging loved one

Research shows that millennials, in particular, are focused on making sure their aging loved ones or parents are taken care of.4 You can smooth the transition from being a dependent to being a caretaker by talking to them about their needs. If you have a complicated relationship with family, consider enlisting the support of a trusted relative or friend who can help.

You … plus a dog, cat, iguana …

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.5 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 strategy 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 raising their children well and protecting their future.6 Whole life insurance can help you do both, providing a guaranteed death benefit for loved ones and a guaranteed cash value that can be applied to education.7,8 Who you designate as a beneficiary is your choice — life insurance helps protect any type of family.

Become a world-class saver9

Developing a savings strategy as early as possible is another smart way to help fund your child’s higher education. In 2020, it cost between $26,820 – $54,880 to send a child to a four-year college. 10 If you have or adopt a child now, rising college prices will cause an increase in required funding by the time they are college ready. To prepare, regularly saving 15 to 20 percent of your income is a good target.

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.

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1 https://www.forbes.com/sites/niallmccarthy/2020/01/29/the-us-is-the-worlds-most-expensive-nation-for-childbirth-infographic/#148e1e572ec7

2 https://www.americanadoptions.com/adopt/the_costs_of_adopting


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

5 http://www.millennialmarketing.com/2017/10/what-you-need-to-know-about-the-millennial-trend-of-pets-as-starter-children/

6 Guardian Study of Financial and Emotional Confidence, 2021

7 https://www.guardianlife.com/life-insurance/whole-life

8 https://www.investopedia.com/terms/w/wholelife.asp

9 Guardian considers someone who saves at least 15 to 20% of their income to be a World-Class Saver.

10 McGurran, Brianna, “How much should you save for your child’s college education?” Forbes Advisor, March 31, 2021


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