Taking a whole life insurance policy leads to a number of benefits and advantages. Few of them are listed below.

1. The first advantage is The Death Benefit.
The whole life insurance policy guarantees you the death benefit that never decreases. Moreover no federal income taxes are charged upon death. And if you desire, death benefit can be taken as a monthly income instead of a lump sum.

2. Consistency of premium level.
Unlike term life insurance’s premiums, which increase at the time of renewal, the premium you pay in whole life insurance remains consistent. There’s no increase. However, use of dividends can minimize the premiums that you pay and contracted for.

3. “Cash value” is another beneficial feature of whole life insurance.
Unlike other life insurance policies, whole life insurance policy accumulates the useable cash reserves. This increase as one pays premiums and also accumulates tax deferred. And if you decide to surrender the policy, you receive your cash values.

4. Participation in whole life insurance policy earns you the dividends.
You are eligible to earn dividends if you own a participating whole life insurance policy. You receive this dividends in cash, which you can further use to either purchase a paid up additions, to minimize premiums or you can keep it within the policy to generate interest.

These advantages of whole life insurance policy are really worthwhile. If you are not confident you should consult an expert before taking up any policy.

Life insurance these days is in fact fairly cheap to maintain. Increased competition in the life insurance marketplace, coupled with its ease of purchase over the Internet has bought premiums down to record low levels. You can now obtain a life insurance policy that pays a lump sum of £100,000 upon your death for as little as £5 per month.

How Much Insurance Do I Need?

Those that do decide to take the plunge and sign up for a life insurance policy though often struggle to decide how much insurance they should take out. As life premiums go up in line with increases in the sum insured, the ultimate insurance amount is often dictated by how much the person taking out the life insurance can afford to pay each month.

Then there is the thought of the mortgage. If we are still owing money on the mortgage when we depart this world, many of us would not want to see our loved ones struggle to meet the mortgage repayments each month. The amount of insurance taken out therefore should at least cover the cost of our mortgage, or what is left on the mortgage as it would be if a reducing term life product is purchased.

Protect Your Mortgage

In fact, many mortgage lenders these days insist that life cover is taken out to protect the mortgage repayments in the event of the owner’s death. On joint mortgage applications, a joint life policy is strongly recommended by lenders, and in some instances mortgage lenders will include a basic life policy in with their mortgage products that reduces in line with the outstanding amount to pay. However, life cover issued direct by mortgage lenders may not always be the cheapest insurance policy available. It therefore pays to shop around for life cover on the Internet as you may be able to save £15 or £20 on your insurance premiums each month.

Deciding on the amount of insurance coverage

So, how is it best to decide on the amount of insurance coverage? It varies for each family / individual, but in general you should take out a life policy not only to cover the cost of your mortgage but also to provide your family and dependants with a lump sum after you’ve gone. What lump sum you decide upon will depend on many factors, but it should at least cover the cost of your monthly household expenses minus the mortgage payments.

As a general rule, the president is subordinate to the board of directors; but it is not particularly uncommon for the directors actually to be under the control of the president. Companies are often organized and built mainly through the impetus of one or two people who naturally assume control. If one of these individuals prefers to be president, he will exercise control of term life insurance rates, even though he is technically subordinate to the board of directors.

Often, in cases of domination of the company by one man, the primary qualification of a candidate for the board of directors is amenability to the wishes of the president or controlling management bloc. A secondary consideration will then usually be the prominence of the candidate and, hence, his publicity or public-relations value.

The job of the president is chiefly one of co-ordination: he must see that his staff is functioning efficiently. To do this, he organizes his staff into committees and then spends a good deal of his time in committee work. He busies himself with inter-company relations and with public relations generally. He spends time reading reports and keeping abreast of economic and legislative trends in order for the rates to be affordable life insurance.

In most insurance companies, vice-presidents exercise active supervision over departments. In a small company a vice-president may have to “double in brass” and serve as the head of more than one department. In line of authority, one of the vice-presidents acts in the absence of the president. In larger companies the functions of the vice-presidents are usually coordinated by an executive vice-president, the “vice-president in charge of vice-presidents.”

Now and again, a life insurance company will be found in which the executive vice-president actually performs the functions of president, the position of presidency in that particular company at that particular time being more honorary than active. However, such an appointment is sometimes made to capitalize on the figure’s organizational ability, which can be utilized effectively even if he is not trained in insurance technicalities.

In cases of joint or interlocking management, the president of one of a group of companies may also be the president of the others. Some or all of the companies in the group, however, may actually be run by executive vice-presidents- the president being at the head of one or more of them in name only.

Responsibilities delegated to a company secretary by the bylaws of the company are usually responsibility for correspondence (in the sense of the directing authority and of responsibility for official correspondence); for the issuance of life insurance policies, which are usually signed by the secretary; and for the records of meetings of the board of directors and committees. Almost all these duties are either theoretical or wholly supervisory.

Policies are actually issued by a policy issue or similar department, with the secretary’s signature printed on the form; the transcript of the business of the meeting of the board of directors or of a committee is usually made by a professional stenographer.

As a result, the truly functional duties of a company secretary vary widely, ranging anywhere from active charge of a department in no way concerned with his bylaw duties to the function of general manager or even executive vice-president. Moreover, as an outgrowth of this wide variation in the active duties of a company secretary, “assistant secretaries” will be found to be numerous, especially among larger companies; and their duties vary as widely as can be imagined within one company.

The officers named so far are the executive officers common to most companies. The charter or bylaws of any given company may add one or a few more executive officers. For instance, the offices of treasurer, general counsel, actuary, or controller are often executive offices.

In addition to executive officers in a company, there are “functional officers” who are usually department heads that perform responsible functions in the operation of the company. They are not officers of the corporation and consequently do not have power to bind the company to contracts or other obligations.