Lifestyle

Who Should Consider Buying a Universal Life Insurance Policy?

Published

3 years ago

March 24, 2023

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

Finding the “Best Virginia Personal Injury Lawyer Near Me:” A Complete Guide

Published

20 hours ago

March 4, 2026

Michelle Langton

Getting injured in a car accident is a stressful time. After all, you could face serious injuries that affect you for the rest of your life.

Thankfully, a good personal injury lawyer can help you navigate this complex moment in your life, but it can be easy to get overwhelmed finding the right one. If you are a resident of the Old Dominion and Googling “best injury lawyer near me Virginia,” look no further than the Richmond law firm Burnett & Williams.

One of the most common questions people ask about hiring an attorney after a car crash is “When should I contact a lawyer?” The answer is as soon as possible.

After receiving medical care, your next call should be to a personal injury attorney, as they will be able to get the ball rolling on your personal injury claim. A sense of urgency will help them fight to get you the compensation you deserve and prevent you from making any mistakes with the insurance company that will hurt you in the long term.

An important thing to keep in mind when hiring a personal injury attorney is the statute of limitations, the state-imposed deadline by which a victim has to file a lawsuit. If you miss this deadline, you could be barred from receiving any damages for the accident.

Although the statute of limitations can vary from state to state, in many states, including under Virginia law, it is two years from the date of an accident. If you delay hiring an attorney, it gives them less time to prepare your case.

Why hire a personal injury attorney?

But what does a personal injury attorney do that helps your case? The main benefits of hiring a personal injury attorney include:

Investigation: After hiring an attorney, they will begin an extensive investigation process. They will collect all records, including police reports, medical records, witness statements, and photos you took of the scene. They may also revisit the scene of the accident or consult expert witnesses, such as medical experts or accident reconstruction specialists, to build the strongest possible case.

Negotiation: Your lawyer will then get to work crafting a demand letter to the insurance company (or companies). One of the best things about hiring a personal injury attorney is that they handle all communications and negotiations with insurance companies on your behalf. Not only does this mean that you are less likely to fall victim to the insurance adjusters’ pressuring tactics, but it also allows you to focus more on what matters most: your recovery.

Trial representation: While many personal injury cases end in settlements, sometimes both sides cannot come to an agreement for fair compensation. In these cases, your claim will proceed to trial, where it will be heard by a judge and/or jury. When a personal injury case goes to court, it is important to have a skilled trial lawyer on your side who is willing and able to argue your case.

How to determine which Virginia personal injury lawyer is best for your Virginia injury claim

However, it can be difficult to determine which personal injury attorney to hire. There are tons of radio ads, billboards, and Google search results that all claim to be the “best injury lawyer near me,” so how do you know which ones actually are the best? Attorney C. James Williams III, principal at Burnett & Williams, guides us through what injury victims should look for when hiring an attorney.

One of the first things to look for when hiring a personal injury attorney is their fee structure. The best personal injury lawyers typically work on a contingency fee basis, meaning they are paid a percentage of the final settlement or award. These are the “we don’t get paid unless you win” guarantees.

While other specialties, such as criminal law, operate on an hourly basis, the status quo for personal injury law is a contingency fee. “Be suspicious of anyone who asks for an upfront retainer or hourly rate for your personal injury case, as this could imply that they don’t think they can win your case,” Williams advises.

It is also important to look for a law firm with a specialty area that correlates with your specific accident. “Not every lawyer is trained and equipped to handle every personal injury case,” explains Williams. “For example, truck accidents involve additional complex laws beyond the typical auto accident case. So do motorcycle accidents. An attorney who has only ever handled standard car accident claims might not be the right fit to handle one of these cases.”

But perhaps the single biggest factor to consider when choosing the best injury lawyer near you is their track record. “More often than not, experienced personal injury attorneys’ results should be able to speak for themselves,” says Williams.

If a law firm has good reviews online and has a history of winning big settlements and jury awards, chances are they are a good choice to hire. “And as a bonus, the better the reputation, the more leverage you get in the negotiation process,” Williams adds. “Insurance companies are often scared to go to trial against a lawyer they think they might lose to.”

If you are looking for the best Virginia personal injury lawyers, look no further than the skilled and experienced attorneys at Burnett & Williams. “Contact us today for a free consultation,” concludes Williams. “We will review your case and determine if we can help get you the compensation you deserve.”