Buy term insurance on both of you, get level premium 20 year term, it may seem expensive at first but your income will grow to meet it. If your health doesn't qualify for normal rates look for some of those policies that don't ask any health questions. They are not only pricier but come with 2-3 year exclusionary periods. If you outlast that, they pay
Before you set aside money for college investigate www.fafsa.ed.gov. It's the common clearing house for scholastic financial aid. The short version is your final "Expected Family Contribution" is the actual amount you will pay for college. It is based on your ability to pay. If you've saved up over 18 years you will get less than someone who has not. It sounds unfair but that's the government for you. Under Fafsa, Yale will cost only a bit more than your local state school.
Last pointer, both of you should be involved in the finances, you never know who will go first or how early, believe me, first hand experience.
Very, very early on in our marriage we decided that just one of us would be allowed to handle the checkbook and that neither of us would have a debit card. Over the years, to my frustration, that has come to mean that I am in charge of all of our finances. The only time we discuss our finances is if we have to decide on a major expenditure.
We recently looked at some properties out in the country. We have been wanting to relocate for some time but I kept insisting that we just can't afford to move right now. My husband was under the impression that we would be able to put down $15-20 gs on our future home from the sale of our current. I pointed out to him that our home is appraised at $91,000 and that the combined total of our mortgage and home equity loan is $80,000. Once you account for real estate agent's fees, we would walk away with a grand or two, if we were lucky. My husband was shocked--shocked, I tell ya!--when he realized how little equity we have invested in our home. Its not like I've kept it a secret.
Thanks for the financial aid link!