incomplete
The very first time you visit the Family Profile, a profile record will be created for you and it's type will be Account. This profile record is incomplete, and so the status indicates this. You should Edit this record to complete all required information.

ready
After you Edit the profile record for your account, the status will change to ready.

Please note that for your convenience, we copy certain information from your account record to the profile of everyone in your family. You may Edit this information, but it is the same for everyone (for example, your address) then you shouldn't have to enter the information repeatedly. As a result, you are not allowed to create New profile records until your profile record is ready.