Life insurance can be a challenging topic to address. With unavoidable bills already in play, the idea of adding life insurance premiums might not top the list of desirable expenses for most of us.
However, there’s a compelling reason behind the fact that approximately 52% of Americans have invested in a life insurance policy, as reported by LIMRA. This coverage serves as a vital shield for your loved ones, ensuring their financial stability in case something unexpected happens to you, and your income is no longer there to support them.
As the new year unfolds, aligning your financial plans is often a wise move. Considering whether to purchase life insurance in 2024 becomes pertinent if certain factors align with your circumstances, making a strong case for a positive decision.
Reasons to BUY Life Insurance In 2024
You’re expecting your first kid.
When you’re a couple without dependents and both partners work, the need for life insurance might not seem immediate or essential. It’s understandable to prioritize other financial goals over insurance premiums.
However, the arrival of your first child in 2024 changes this equation significantly. While two working adults might manage financially in each other’s absence, a child lacks that capability. Therefore, getting a life insurance policy becomes crucial to secure your child’s financial future should anything happen to your income.
Even if your surviving spouse or partner has their own income, it might not cover the escalating expenses of childcare. Upon hearing the news of expecting a baby, it’s wise to begin exploring life insurance options from various companies to ensure your child’s protection.
You’re sharing a huge expenditure with a companion.
If you and your partner can currently manage your monthly expenses on either of your incomes, life insurance might not seem urgent. However, taking on a significant joint expense in 2024, such as buying a home reliant on both incomes, alters this scenario.
Consider this: without your income, would your surviving partner sustain the jointly purchased home? The thought of leaving them in a precarious situation of potential displacement isn’t ideal. Acquiring a life insurance policy emerges as a crucial safeguard, preventing such upheaval by ensuring financial stability in case of unforeseen circumstances.
You’re taking on the position of caregiver.
If you find yourself stepping into a caregiving role for aging parents in the new year, it’s worth considering the importance of life insurance. Designating your parents (or those under your care) as beneficiaries can offer vital financial support in unforeseen circumstances.
Imagine a scenario where, in your absence, your parents require nursing home care costing $200,000 annually. The financial strain could be overwhelming. However, having life insurance can alleviate this burden, ensuring your parents can cover these expenses without facing potential bankruptcy.
While the idea of additional expenses might not be appealing, if any of these situations resonate with you, taking action to secure a life insurance policy in 2024 could be a critical step in securing your family’s financial future.
Best life insurance companies for 2024
While rankings can fluctuate based on various factors and individual needs, as of 2023, several life insurance companies stand out for different reasons:
Bestow: Ideal for those seeking no medical exam life insurance, providing a streamlined application process.
Northwestern Mutual: Recognized as a top choice for overall life insurance coverage, offering various policy options and strong financial stability.
State Farm: Recommended for bundling insurance policies to save on overall coverage costs.
Liberty Mutual: Known for its swift coverage approval process, making it suitable for those seeking quick insurance protection.
New York Life: Offers extensive customization options for tailored coverage to suit individual needs.
Principal Financial: Recognized for its survivorship life insurance, which can be beneficial for specific estate planning and wealth protection strategies.
When selecting the right life insurance company, consider factors such as your health status, desired coverage, affordability, and any specific requirements you may have. Comparing quotes and policy details from multiple companies can help find the best fit for your unique circumstances.