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Harry Wilk

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Since 1991, Harry Wilk has provided professional and experienced advice to achieve a long record of exceptional results for his clients.

Sigma Financial Group
Life Insurance

NEXT: Learn about
Whole Life Insurance.
What is life insurance?
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to your beneficiaries upon the insured's death.
Why should I buy life insurance?
Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in many situations:
  • Replace income for dependents
  • Pay final expenses
  • Create an inheritance for your heirs
  • Pay federal and/or state death taxes
  • Make significant charitable contributions
  • Create a source of savings
Types of life insurance policies
  • Whole Life: A permanent type of insurance that is designed to provide lifetime coverage. Policy premiums are typically fixed; pays a stated fixed amount on your death and part of your premium goes toward building cash value.

  • Universal Life: A permanent type of insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life policies are flexible and may allow to raise or premium payments or coverage amounts throughout your lifetime.

  • Term Life: A term life policy is designed to provide financial protection for a specific period of time, such as 10, 20 or 30 years. Term life insurance is generally less expensive than permanent life insurance. Term life insurance proceeds can be used to replace lost income during the working years. This can provide a safety net for your beneficiaries and also help ensure the family's financial goals will still be met-goals like paying off a mortgage, keeping a business running and paying for college.

  • Final Expense: Although the policy is called "final expense insurance," it is no different from a traditional life insurance policy with a small monetary value. A final expense insurance policy can be identified by wording in the policy that specifies the proceeds are to be used for final expenses relating to the funeral and burial.
Comparing Types of Life Insurance
  Whole Life Insurance Universal Life Insurance Term Insurance
Needs it helps meets Wealth transfer, preservation and tax deferred wealth accumulation Wealth transfer, income protection and some types focus on deferred wealth accumulation Income replacement during working years.
Protection Period Lifetime Flexible; usually for a lifetime Specific period (usually a number of years, 10, 20 or 30 years)
Cost Differences Generally more expensive than term Generally more expensive than term Generally less expensive than whole or universal life
Premiums Generally fixed Flexible Generally fixed for term of policy
Proceeds paid to beneficiaries Yes, typically income tax-free Yes, typically income tax-free Yes, typically income tax-free
Investment options No No No
May help build equity Yes Yes No
How cost is determined
Insurers use rate classes, or risk-related categories, to determine your premium payments. These categories do not, however, affect the length or amount of coverage.

Your rate class is determined by a number of factors, including your overall health, family medical history and your lifestyle. Tobacco use, for example, would increase risk and, therefore cause your premium payments to be higher than that of someone who doesn't use tobacco.
Next step, determining your coverage need
Life insurance is what we do. We help you discover how much coverage you need; which company would best serve you, and help accomplish the goals you have set. When choosing an insurance agency, you want a company you can trust. We are an independent insurance agency. We do not work for an insurance company; we work for YOU and our duty is to YOU. It is our responsibility to provide YOU the best service and the best coverage, at the best possible price.
    NEXT: Learn about Whole Life →

Sigma Financial Group  

Sigma Financial Group
1110 Pivot Rock Road
Eureka Springs, Arkansas 72632

For more information, please call or email us:
(479) 253-7343
(361) 442-6635 - Cell
(479) 253-7661 - Fax
Contact Us by Email

Sigma Financial Group

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