4 Ways to Tell You'll Need Life Insurance in 2024

Buying insurance is how you can make sure your assets (like a home or a car) are protected. But it can also be a good way to march forth into big life changes with the knowledge that while you'll be missed if you die, the people in your life will be able to manage financially. We're starting off a new year, and if you've got some major things happening this year, you might need life insurance. Here are a few instances in which you might need life insurance in 2024 -- and beyond.

1. You're getting married

If wedding bells are part of your 2024 plans, congratulations! If you're going to be sharing finances in some form or fashion with another person, it's worth sitting down to talk about salaries, savings, investments, and beyond. If one of you passes away, will the other be left high and dry?

It's an extremely good idea for each of you to have a solid means of supporting yourself on your own (financial independence is crucial, especially for women). But perhaps one of you earns a higher salary than the other, or you have a lot of shared financial entanglements. Consider signing up for life insurance policies as part of your wedding preparations, so you can save some worry.

2. You're becoming a parent

Maybe 2024 is the year you bring home a new baby. There's so much to plan for and so many life changes ahead -- you should absolutely add "get a life insurance policy" to your to-do list. A term life policy is a particular standout in this instance. You can choose a policy with a term that will see you through until your infant is a self-supporting adult and no longer dependent on you.

And even if you're a stay-at-home parent, life insurance is still a good idea for you. Think about it -- you might not earn a salary, but you still take care of a child and a home, and your family would likely struggle to manage or pay for those duties without you.

3. You're buying a home with someone else

While it remains to be seen whether homeownership will be easier or cheaper this year than it has been the last few years, some of us are pressing ahead with buying houses anyway. If you're buying with a friend, partner, or spouse, and both of you are making this financial commitment that you wouldn't be able to afford alone, life insurance is a darn good idea. If you pass away, the policy's payout will help your co-owner pay off the mortgage and remain in the home.

4. You're starting a business

Starting a small business is a huge milestone and can change your life in a lot of ways. But while you're writing a business plan and seeking funding, don't forget to consider life insurance. If you'll be running the business with another person, a life insurance payout can ensure your business partner and other stakeholders will be able to carry on without your financial contributions. It can also allow the surviving partner to purchase your share of the business.

It's true that not everyone needs life insurance in every situation, but these scenarios are a few examples of times you actually should seek out a policy. Review our list of the best life insurance companies and see what kind of policy you can get -- you may be pleasantly surprised by how affordable term life insurance can be. And the peace of mind you'll end up gifting yourself in the process can be priceless.