3 Good Reasons to Get Life Insurance in 2024

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It may be time to buy life insurance after putting off that purchase. Read on to see if you should get a policy in the new year. 

Life insurance is one of those things that can be uncomfortable to think about. And let’s face it — we all have bills we can’t avoid, and most of us would probably rather not pile onto our existing expenses by adding life insurance premiums into the mix.

But there’s a reason an estimated 52% of Americans have a life insurance policy in place, according to LIMRA. Having that coverage could protect your loved ones if something happens to you and they no longer have your income for financial support.

Now, the start of the year is generally a good time to get your financial ducks in a row. But should you buy life insurance in 2024? If any of these factors apply to you, the answer is probably a resounding yes.

1. You’re having your first child

When it’s just you and a spouse or partner and both of you work, you may decide not to get life insurance just yet. And that logic makes sense to some degree.

If you’re both capable of going out and earning money, then perhaps your partner would fare well enough financially in your absence. So why spend your money on life insurance when you have other goals to save for?

But while you might make the argument that another grown person can hack it on their own, financially speaking, in your absence, a child most certainly cannot. So if you’re having your first child in 2024, that alone is a good reason to get a life insurance policy. That way, your child is protected financially in case your income disappears.

Remember, even if you leave a surviving spouse behind who earns their own money, they may not earn enough to cover the ever-growing cost of child care. So once you get the news that there’s a baby on the way, start shopping around with different life insurance companies to explore your options.

2. You’re taking on a large expense jointly with a partner

It may be that as of now, you could cover your monthly expenses on either your income or your spouse or partner’s. But if you’re taking on a large expense in 2024, like the purchase of a home, that requires both of your incomes to keep up with, then that alone is a good reason to buy life insurance.

Let’s say that without your income, your surviving spouse wouldn’t be able to afford the home you bought together. Would you really want to leave them in a position where they have to get uprooted overnight? A life insurance policy could help prevent such a thing from happening.

3. You’re stepping into a caregiving role

It’s not just a child you might end up having to care for in your lifetime. Some people end up having to become caregivers for aging parents. If that’s the case, and you’re stepping into a caregiving role in the new year, then it pays to buy life insurance and designate your parents (or whoever you’re caring for) as beneficiaries.

Let’s say that in your absence, your parents would need to be moved into a nursing home for $200,000 per year. (And yes, that really is what it might cost for a couple to reside in one of these facilities.) Having life insurance could help your parents cover that expense rather than go bankrupt.

You may not relish the idea of having to tackle yet another expense. But if any of these factors apply to you, take it as a sign that one of your first orders of business in 2024 should be to put a life insurance policy in place.

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