Another money post. Today The Firm contributed some money to my 401K retirement plan. It wasn’t a lot, but hey – every little bit helps! Also, beginning this pay period my monthly contribution goes from 4% to 6%. So I’ll be contributing a bit more as well. In 2009 it’ll go up to an 8% contribution, followed by an increase to 10% in 2010. So over time I’ll be improving my contributions towards our retirement.
I’ve also been thinking about life insurance – we each have two policies, term and whole. The term is for 20 years and we got it when CootieGirl was born. Once she reaches 20 years old, that policy will be “over” unless we extend it for another 10 or 15 years (which will be possible, but at SIGNIFICANTLY higher cost). The good news is that if one of us were to kick it, there would be more than enough to allow the remaining spouse to 1) pay off the house, 2) pay of all outstanding debt and 3) pay all funeral and estate administration expenses. And there would be enough left over after all that to help that remaining spouse for a good number of years (although it’s not enough to even consider helping pay for CB and CG’s college years unless they go to a local community college). But I wonder – should we get another policy? Should we add to our coverage? A blogger I read regularly posted a while back about no-medical-exam life insurance policies that are available – but I’m sure the premiums on those kinds of policies must be OUTRAGEOUS.
What about you? Do you have life insurance? Do you feel that you have enough life insurance coverage for your family’s needs?
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