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Life insurance can be a sensible purchase, especially if you need to provide for children -- but I'd look into the cost of term life and also investigate whether life insurance is available from my employer.

Life insurance is ok for *insurance* -- but generally it's not a great *investment*

In your shoes, I'd see if I could get cheaper life insurance and put the $ toward paying off debt, making extra payments on the debt with the highest interest rate first.

An emergency fund is also a very good idea; I'd probably rather put a good chunk, if not all, of it in something more stable (like money market) than a stock fund. (What if the market dips just when you need to replace the roof?)

And since you have kids, I'd also investigate EIRA and 529 plans for college savings (the Roths will also be useful for this)
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