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Who Should Consider Buying a Universal Life Insurance Policy?

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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.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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Lifestyle

The Breakroom Reset: Small Changes That Improve the Workday

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The office breakroom is a space that’s often neglected and can sometimes feel more like an afterthought than a key feature of the workplace. This is unfortunate, especially since employees typically visit the breakroom to rest and recuperate before finishing their shift. Considering its intended function, the breakroom should be viewed as one of the most important spaces in the entire office.

Having a welcoming and rejuvenating breakroom can promote social interaction, enhance workplace culture, and reduce stress. Employees who feel restored after visiting the breakroom are more likely to feel happy at work and be more productive the rest of the day. If your workplace breakroom leaves a lot to be desired, here are some small changes you can make to totally reset it. 

Small Breakroom Changes That Improve the Workday

Unless your breakroom is in shambles and needs major reconstruction, you don’t have to spend a fortune on it to make it more inviting. In many cases, small and simple changes can make a big impact on the overall vibe of any space.

Whether you’re working with a limited budget or limited space, there are still plenty of things you can do to reset your boring breakroom. Here are some small breakroom changes that can improve the workday and give you maximum bang for your buck.  

Convenient Hydration Options

Employees need to stay hydrated to keep their health and energy levels high.  Unfortunately, many employees are chronically dehydrated because they don’t have access to tasty beverages at work. This doesn’t necessarily mean you have to install a soda machine in the breakroom. Giving workers unlimited access to sugary drinks could backfire in the long run by contributing to illnesses and increased sick days. 

Instead of offering sugary beverages (that can actually contribute to dehydration in the long run), make it easier for your employees to stay hydrated with pure water. Providing a filtered office drinking water system is one of the best ways to encourage optimal hydration. Most employees will appreciate the clean, tasty alternative to standard office tap water.  

Comfy Seating

When was the last time you took a look at the seating arrangements in your breakroom? If it’s been a while, take a walk over there and give it a good look. Is there sufficient space for multiple employees to sit at the same time? Are the seats comfortable and rearrangeable so employees can interact with others or achieve greater privacy as desired? If not, you might benefit from a breakroom seating reset. 

Seating arrangements in breakrooms should be both comfortable and flexible. You might want to bring in some modular furniture because it’s easy to move and rearrange as needed. For maximum versatility, seating arrangements should include a mix of traditional breakroom chairs and tables, lounge chairs, and even bean bags. Making the space as open as possible will also help it look more roomy and inviting. 

Nutritious Snack Options

Most employers don’t provide full meals for their employees. It’s perfectly reasonable to expect workers to make their own lunch or dinner arrangements. However, if you want to support your employees’ energy levels, keep healthy snacks in your breakroom. Nutritious snacks can enhance employee performance throughout the day, so workers find it easier to get more done. 

Instead of investing in chips, candy bars, and other sugary sweets, opt for snack options that won’t cause sugar spikes and inevitable crashes. Some great options include trail mixes, protein bars, fresh fruit, popcorn, and veggie trays. Instant oatmeal cups can also be a convenient source of energy for those who don’t have time to grab breakfast before heading to work. You might want to send out an employee survey to see what types of healthy snacks your workers prefer.  

Optimal Lighting

Did you know that poor lighting can negatively impact your employees’ psychological and emotional well-being? Improving workplace lighting (including in the breakroom) can make a huge difference in worker morale and energy levels. Warm white light may be a great choice for the breakroom because it creates a soothing, calm atmosphere. Cool white light might be a better fit for conference rooms and cubicle areas because it enhances focus and energy.

Of course, natural light is arguably the best option for the office whenever it’s available. If your breakroom has windows, try to keep the shades open during working hours. That way, employees can experience the mood- and health-boosting benefits of natural light exposure.   

Entertainment Options

Some office managers and CEOs mistakenly think that a breakroom should be boring to serve its purpose well. However, the terms “boring” and “relaxing” are not synonymous. Employees may find a boring breakroom to be surprisingly non-restorative. On the flip side, a room equipped for entertainment can be very relaxing and rejuvenating. 

To make your breakroom a more enjoyable place to spend time, you might want to install a corner television. That way, workers can watch their favorite sitcom while they relax. You might also keep a few card or board games stocked in a cupboard for employees who prefer to interact in fun ways during their lunch breaks. 

Reset Your Breakroom Today

Your employee breakroom can reveal a lot about your overall workplace environment. If it’s not lit well, or if it’s boring and unwelcoming, workers are more likely to feel underappreciated and discontented. The good news is that you don’t have to sink a lot of money or effort into resetting your breakroom and getting a fresh start. Use these simple tips to revamp your breakroom and make it a place where workers can go to feel truly cared for and relaxed. 

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