Personal Injury or Illness

A significant injury or illness can strike anyone at any time, leaving them unable to work, and potentially in need of some type of long-term care. Preparing for such an occurrence will prevent financial considerations from becoming an inappropriate focus at a time of crisis.

First Midwest Personal Injury & Illness Planning 

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Protect Your Income with Disability Insurance

Your earning power is one of your primary financial assets. Disability insurance provides a source of income to people who are unable to work due to an accident or illness. Without it, workers and their dependents risk losing their savings, their investments and their homes. Not having disability insurance is a common financial error.

  • The average disability claim lasts almost 13 months and mortgage foreclosures due to disability are common.  
  • Some research studies report that up to a third of working people will become disabled for 90 days or more.
  • Employer-provided disability coverage may only be short term and may replace only a small fraction of a worker’s salary.
  • Disability insurance is especially important for the self-employed and those who aren’t allowed to carry over their employer-paid sick leave.
  • It’s advisable to purchase a disability policy that replaces about two-thirds of monthly income.
  • Consider purchasing a disability policy that will remain in force until you retire.
  • If you don’t qualify for disability insurance at an affordable price, consider investing an amount you can afford to build up your emergency reserves.
  • In a divorce decree, require an ex-spouse to purchase and maintain disability insurance if you or your children depend on support payments.

Your First Midwest Financial Consultant can help you explore your options in purchasing disability insurance to protect your income.

Call 800-241-1749 to get connected with a First Midwest Financial Consultant today.

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Long-Term Care Planning

In the event of serious illness or injury, long-term care services may become necessary. There are options to help pay for long-term care if and when it’s needed, including long-term care insurance. Addressing this issue before a need arises can be to your advantage as part of your overall financial strategy. Your First Midwest Financial Consultant is here to help you create a plan that will work for your family.

Call 800-241-1749 to get connected with a First Midwest Financial Consultant today.

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Income Tax Considerations

With a medical crisis that significantly reduces household income, you may want to adjust your income tax withholding with your employer. Also, if unreimbursed medical expenses are greater than 7.5 percent of your adjusted gross income, they can be itemized on your federal tax return as a deduction. Working with a First Midwest Financial Consultant and your Tax Advisor will ensure you're on the right path to a healthy financial future.

Call 800-241-1749 to get connected with a First Midwest Financial Consultant today.

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Powers of Attorney

A durable power of attorney can designate an agent to handle financial matters in the event of a person’s incapacity. Without a durable power of attorney, your family may need to seek court appointment as a guardian or conservator in this situation. This process can be slow and expensive. Plan a durable power of attorney carefully, be sure to get legal help with the paperwork, and be as specific as possible about what powers are being granted (such as paying bills, cashing checks, buying and selling securities) and for how long. First Midwest Wealth Management1 can help with these and other similar concerns.
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