Here's Why Getting Life Insurance Could Be the Most Important Move You'll Make in 2024

The start of a new year is a popular time to commit to financial goals. Ascent research from late 2023 found that two-thirds of Americans planned to make financial resolutions for the new year. And among those, certain popular goals stood out.

The most popular resolution in the aforementioned survey was paying off debt, with 22% of respondents having that goal. Another 16% were looking to save for a big milestone, like buying a home, while 8% were intent on building an emergency fund.

All of these goals are important, and they all have value. But you may want to prioritize another financial move in 2024: getting life insurance.

The most essential thing you can do for your loved ones

Many of the financial goals you may have in mind could do great things for the people you love. If you pay off existing debts, for example, you'll free up more money you can then use to spend on your family (think fun vacations and the like). And if you can save up for something like buying a new home, well, that gives your loved ones a place to live.

Building an emergency fund is also important. That way, you know you'll have money in the bank to cover surprise expenses or essential bills if you're laid off at work. That protection trickles down to the people who depend on you financially.

But while it's easy to see why you might prioritize things like paying off debt or building emergency savings, you may want to bump buying life insurance to the top of your list this year. The reason? Without life insurance, your loved ones might really suffer financially in your absence.

Imagine if you were to lose your job and you have no emergency savings. At that point, you and your family could be left in a serious lurch for a few months until you're able to find work.

But what if you were to pass away and leave behind a non-working spouse and two children? At that point, they might get stuck in a seriously bad place for years, not a few months, in the absence of some sort of financial lifeline. So that's reason enough to put a life insurance policy in place.

Life insurance may be more affordable than expected

When you're trying to save up an emergency fund or home down payment, parting with money for other expenses can be tough. But it's worth spending however much money you need to put adequate life insurance coverage in place.

The good news, though, is that you might end up spending less money than anticipated on a life insurance policy, especially if you're in good health and opt for term life insurance instead of whole life, which is usually far more expensive. Forbes Advisor finds that on average, a 30-year-old male will pay $13 a month for a 20-year, $250,000 term life insurance policy. For a 30-year-old female, the same coverage averages $12 a month.

Of course, this isn't to say that this is what life insurance will cost you. It's definitely a good idea to shop around with different insurers and compare quotes.

But all told, you may find a term life insurance policy to be something you can swing financially even as you work toward other important goals. And remember, the younger you are when you apply, the lower your premiums are likely to be, which is all the more reason to prioritize a life insurance purchase this year.