I was taught to heat it and bend it back; it doesn’t take long with a small torch. First bend will be “about” an inch below the L and at “about” a 45* angle. Then bend the L back out to line up with the straight shaft when sharpened. If the tip is just sticking out it will want to pull down much more.
Many people hold them with lock pliers but I installed a ¼” drill chuck in a handle. It is much more comfortable and also easy to use other type bits with the same handle.
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin