Pumps never fail at a good time. They always fail after 5 PM, on weekends, holidays, or when the temperature is super cold. Even replacing the old pump now, does not guarantee that it will not stop on Thanksgiving day when you have a house full of company. It is always good to have a backup plan.
My neighbor and I have an agreement. There is a pipe under the fence that joins our two systems. There is a ball valve in a valve box under the fence that either of us can reach. Anytime my pump stops, I just open the valve and borrow from the neighbor, and he can do the same. If it is not cold, you can simply run a garden hose from one of your outside faucets to one on the neighbors house and do the same thing.
I also have a little weekend place out in the country where I have two wells, so I always have a backup. All of these wells are equipped with Cycle Stop Valves, so they are very dependable and long lasting. However, even if they only fail once in 20 years, it is still going to be at the very worst time possible.
A cistern with a low level alarm will also give you a day or two of stored water after the well pump goes out. I would keep an extra cistern pump on hand, just in case.
Pump companies make pumps and motors to sell and make money, not to last as you would think they should. You simply can no longer buy a pump that is built like they were in the 60's. The best thing you can do is limit the cycling as much as possible, and have a backup plan in place.