Lifestyle
Who Should Consider Buying a Universal Life Insurance Policy?

Universal life insurance is a type of permanent life insurance policy. That means it covers you for life and comes with a cash value growth component. Once you build enough cash value, you can withdraw from or borrow against it. You also receive the full value minus surrender charges if you surrender the policy. Universal life insurance also lets you increase your death benefit or decrease your premiums, providing you with more flexibility.
All these features make universal life insurance a good potential investment for many types of people. With that in mind, this article will cover several circumstances where getting a universal life insurance policy can be helpful.
1. Those who need lifelong coverage
Universal life insurance offers lifelong coverage as long as you stay current on your premium payments. That means, unlike with term life insurance, you don’t need to worry about your policy expiring.
Another benefit to lifelong coverage is that you can lock in your premiums for the rest of your life. Life insurance premiums rise with age, but once you buy life insurance, your premiums remain fixed unless you adjust them within your policy.
2. Parents with multiple children
Raising a child can cost an average of almost $13,000 per year. Plus, parents may have to save money for each child’s college education. This can make it challenging for one parent to raise multiple children if their partner passes away — even if both partners earn incomes.
Universal life insurance can help alleviate these worries. If you pass away, your partner will receive a substantial death benefit to replace your income, pay off debts, and set aside money for the future.
Thanks to the cash value, universal life insurance can also help you raise your children even if you don’t pass away. Over time, your cash value may grow quite large. You can withdraw from or borrow against it at favorable terms and low rates. This offers you the funds to pay for family expenses and potentially cover your children’s college educations. Finally, if you ever need to change coverage to save money on premiums or up your death benefit, universal life insurance lets you do that.
3. Those who want to build wealth
A universal life insurance policy’s cash value can offer a source of wealth for policyholders. As mentioned, you can withdraw from it when it grows large enough, although you must be aware of any tax consequences. Y ou can also borrow against it at low rates. However, you must make sure the loan balance doesn’t grow larger than the cash value, or the policy could lapse. Finally, if you decide you no longer need life insurance and surrender the policy, you can receive all of your cash value minus surrender charges.
In any case, this cash value can offer a significant source of wealth when used wisely. You could use the proceeds to refinance or pay off debt, supplement your retirement funds, make large purchases, travel, and more.
The bottom line
Universal life insurance can fit many people’s needs. It offers lifelong coverage, which allows you to get a policy early and lock in premiums without worrying about coverage expiring.
Families with many children can find it useful as well. You can rest assured that your partner and children will be protected if you pass away. Plus, you can use the cash value to help cover childcare costs and future expenses, like education.
Finally, anyone who wants to build wealth could find universal life insurance helpful. You can withdraw or borrow from the cash value to travel, pay off debt, boost your retirement funds, and more. So, consider looking for universal life insurance if any of these describe your situation and financial needs.
Lifestyle
Derik Fay: The Quiet Power Broker Who Scales Empires and Empowers Generations

At 46 years old and standing at an impressive 6’1″, Derik Fay is more than an entrepreneur—he is the architect behind a network of thriving businesses and a digital mentor for thousands. His journey from a single neighborhood gym in Florida to holding stakes in over 40 companies spans decades of strategic vision, discipline, and authenticity.
From Modest Beginnings to a Marketplace Maven
Born on November 19, 1978, in Westerly, Rhode Island, Fay’s early environment offered little in the way of nepotism or crutches—but plenty of lessons. He dropped out of college after just one semester and embraced the grind. At just 22, with lean resources and fierce determination, he launched his first gym. That venture would eventually grow into Florida’s most successful independently owned fitness chain before being acquired by a publicly traded company.
This early win became the foundation for 3F Management, the private equity firm Fay launched post-exit. Today, 3F powers brands across sectors—from fintech and residential infrastructure to combat sports, entertainment, and beauty—each elevated through Fay’s hands-on approach to ownership and operational excellence.
Visibility as Strategic Leverage
Fay’s ascent into public consciousness was not staged. He built his online presence—now over 1.4 million followers strong—through honest, unfiltered takes on business, failure, leadership, and growth. His content resonates because it isn’t rehearsed; it’s earned. Followers tune in not for spectacle but for insight, often quoting “He doesn’t just invest—he builds your belief,” reflecting Fay’s authentic support.
Building Brands, Restoring Hope
Among his notable ventures is Bare Knuckle Fighting Championship (BKFC)—a testament to his willingness to enter unorthodox sectors with strategic clarity. In other less obvious arenas, Fay reinvigorated a faltering beauty company by pairing it with Hollywood cachet and narrative-driven marketing. In another case, an AI startup saw its valuation ascend tenfold in under a year after Fay contributed not only capital but also storytelling structure and vision.
Estimated Net Worth & Long-Term Vision
Although Fay maintains a discrete public profile, credible industry estimates place his net worth somewhere between $100 million and $250 million. This valuation comes from his diverse equity stakes, successful exits, real estate investments, and his firm’s consistent growth and reinvestment cycle.
Personal Life Anchored in Legacy
Off-screen, Fay is a devoted partner to Shandra Phillips (since 2021) and a hands-on father to two daughters: Sophia Elena Fay and Isabella Roslyn Fay. He’s more than a mogul—he’s a mentor. An embodiment of “If I can do it, anyone can,” his presence in DMs or quick coaching call is not rare, but intentional.
Rerouting the Model of Modern Wealth
Unlike today’s entrepreneurs who prioritize visibility and virality, Fay applies visibility as a lever—not an objective. He quietly scales, confident that his systems and culture will outlive the trends. He mentors, not performatively, but tangibly. For him, success isn’t a moment—it’s a long-term ecosystem amplified through structure, not spotlight.
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