MISSOULA, Mont. – As we have seen over the past few months, inflation has taken families by storm when it comes to making ends meet, even with the new Inflation Reduction Act expected soon fall to the local level.
The question many people have is deciding between buying groceries for the month or investing in a time when options are scarcer. Saving money for emergencies is not on the priority list.
According to market and consumer data firm Statista, Montana residents have the third-least amount of life insurance purchased in recent years, prompting Goose Insurance life insurance experts like Pamela Kwiathowski to say that this resulted in some difficult decisions.
“First and foremost, consumers are really reassessing their period of spending habits, where can I shave,” Kwiathowski said.
Life insurance companies have seen this play out since the COVID-19 pandemic where health was a fear but budgets weren’t where they needed to be which has only shrunk further with the times. ‘inflation.
“I think it’s really important for consumers to remember specifically those who are in debt that none of us can predict unexpected and untimely death, premature illness and so families to step back and look at what would be our financial situation if a serious illness could occur or an untimely death, how are we prepared?” says Kwiathowski.
The biggest advice they give is to buy as early as possible, as prices can only increase with age and if health conditions progress.