Thanks for the comment! This is definitely on our “need to do” list. Both my husband and I have life insurance policies right now, but they are for 1/4 – 1/2 of what we would like them to be.

We figure that if we each take out a 25-year policy, this will carry us through our sons college years. We’re both in good health (thankfully!) and neither of us smoke, so we should go ahead and get this done. I’ll let you know when we do!

The earlier you make retirement plans, the more time you have to save and invest for the type of retirement you want. Remember that upon retiring, the majority of people will lose their employee benefits at an age where insurance will be quite expensive. You may want to invest in life insurance while you’re still young and in good health and can take advantage of the low premiums . This may be cheaper than having to get coverage later.

I’ll definitely blog about this when the time comes – we plan on making a decision after doing our taxes this year. We want to get an estimate on how changing the 401(k) contributions will change our financial situation. For example, we would have to contribute more out-of-pocket since the 401(k) is pretax.

Right now, I am still thinking that we should make the switch, but my husband likes to know the numbers first, which is totally understandable.

Thanks so much for visiting!

Becky@FamilyandFinances’s last blog post..Favorite Blog Post 2/15/08