Lifestyle

Who Should Consider Buying a Universal Life Insurance Policy?

Published

2 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

How to Properly Clean and Condition Leather Boots

Published

23 hours ago

December 12, 2024

Michelle Langton

Leather boots are a wardrobe staple that combine style, durability, and functionality. Whether you’re wearing them for work, casual outings, or outdoor adventures, regular care is essential to ensure they stay looking their best and last for years. Properly cleaning and conditioning your leather boots not only enhances their appearance but also helps maintain their structural integrity. Here’s a step-by-step guide to keeping your leather boots in top shape.

Step 1: Gather Your Supplies

Before you begin, make sure you have the following items:

A soft brush or cloth
Leather cleaner or mild soap
A clean, damp cloth
Leather conditioner
A dry, lint-free cloth
Optional: Waterproofing spray for added protection

Step 2: Remove Dirt and Debris

Start by removing any loose dirt and debris with a soft brush or cloth. Pay attention to the seams and crevices where dirt can accumulate – this step is crucial, as it prevents dirt from being rubbed into the leather during cleaning, which could cause scratches.

Step 3: Clean the Leather

Apply a small amount of leather cleaner or a mixture of mild soap and water to a clean, damp cloth. Gently rub the cloth over the surface of the boots, working in circular motions. Avoid soaking the leather, as excessive moisture can cause damage. Once cleaned, wipe off any excess cleaner with another damp cloth and allow the boots to air dry naturally, away from direct sunlight or heat sources.

Step 4: Condition the Leather

Leather, like skin, needs hydration to prevent it from drying out and cracking. Apply a high-quality leather conditioner to a dry, lint-free cloth and rub it into the leather using small, circular motions. Focus on the areas that experience the most wear, such as the toe box and heel. Allow the conditioner to absorb fully before buffing the boots gently with a clean cloth to restore their shine.

Step 5: Protect and Maintain

For added protection, consider applying a waterproofing spray designed for leather. This step is particularly useful if you often wear your boots in wet or muddy conditions. Regularly repeating these steps will help your boots remain in excellent condition.

Bonus Tips for Longevity

Always store your boots in a cool, dry place. Use boot trees or stuff them with newspaper to maintain their shape.
Avoid exposing leather boots to extreme heat or moisture.
If your boots are a wide fit and you value comfort, consider exploring options like the most comfortable boots for wide feet to ensure proper fit and support.

Why Regular Maintenance Matters

Cleaning and conditioning your leather boots not only enhances their aesthetic appeal but also prolongs their lifespan – neglecting proper care can lead to cracking, fading, and even structural damage. By incorporating these simple steps into your routine, you’ll ensure that your boots continue to provide comfort and style for years to come.

Take pride in your leather boots and enjoy the confidence that comes with well-maintained footwear. Whether you’re stepping out in the city or venturing into the great outdoors, your boots will thank you for the care and attention.