Starter52, you're pretty close. The weapon is currently stored with the slide locked back but without the fully loaded magazine inserted. My fiance and I do not have any kids of our own, but occasionally have kids in the house that belong to friends and family. FWIW, all of the children that visit are currently not proficient in the operation of handguns. A few have been exposed to long arms, however. My fiance grew up in a very 'gun-safe' house in that all weapons were stored unloaded and in a locked container/safe.
I have made many compromises to own a handgun with her, all of which I consider reasonable. It had to have an external, manual thumb safety. She does not want it stored with a round in the chamber. These are the rules we have agreed on, so for those that disagree with them: too bad, this is how it is.
In the event of an emergency, I just have to insert the magazine and release the slide. I consider those relatively simple compared to having to rack the slide. I did ask how she'd feel about a revolver (some consider them safer), and she said she wouldn't be comfortable with it loaded.