An ultra-hard cutting element for use in a drill bit, such as a percussion drill bit, a rotary cone drill bit, a drag bit, or a reamer. The ultra-hard cutting element includes a base portion, an extension portion on an end of the base portion, and a lip on an outer surface of the extension portion. At least a portion of the outer surface of the extension portion includes an ultra-hard abrasive material. The ultra-hard abrasive material may be polycrystalline diamond or polycrystalline cubic boron nitride.