Save money on your life insurance and put the savings in your 401(k)
Many workers sign up for the life insurance that their employer offers and I don't think they give it much thought. They can't shop for it. It's not like they can look at three different policies the employer is offering and take the one that's the best price for them. There's one choice. Granted, there are usually some options. For instance, the Eli Lilly employees we work with are given two times their base salary in life insurance at no cost to them. That's a great deal, no doubt. They then have the choice of purchasing up to an additional five times their base salary at whatever the current rates are. The rates increase in five year bands. For instance, the cost is a certain amount at age 40-44 and then increases from age 45-49, age 50-55 and so on. So the same amount of insurance would cost you more money every five years.