New Proprietary Disability Coverage For Professional Athletes

New Proprietary Disability Coverage For Professional Athletes

Professional athletes are at higher risk of injury every time they train, practice, and compete.  It’s not surprising, then, that professional athletes were among five occupations that had more than 1,000 injuries per 10,000 workers – according to the Bureau of Labor Statistics.

Getting hurt is a part of sports, but to a professional athlete it can mean a significant financial setback – or worse, the end of a career.

Each sport commands unique contract features, including guaranteed income to a player – some contracts are fully guaranteed while others allow the team to waive the contract as they see fit.

A variety of flexible solutions are now available to protect a professional athlete during their current arrangement with their professional organization or if they have not yet signed a long-term agreement.

Critical Injury/Illness

Covers professional athletes for major injuries – whether career ending or not.  Therefore, if the athlete were to tear their ACL, Achilles, Patellar, etc. and return to play the following season, they could still collect a predetermined lump sum benefit to cover loss of income during their recovery.

NFL 46 Man Roster Bonus Coverage

Player receives a pre-determined, per game benefit if the individual is on the team’s Fifty-Three (53) Man Roster or the Official League Injured Reserve List, but not on the active game Forty-Six (46) Man Roster due to an accidental injury, sickness, or disease.

Loss of Value

Not all injuries or illnesses cause career ending disabilities, but some can certainly cause a diminishment of physical ability.  An athlete may insure skill level with the “loss of value” coverage.  If a player, projected to be a first round draft pick, suffers a significant injury before the draft and isn’t selected until the third round, the athlete stands to lose a sizable contract.  This type of coverage may also be used by professionals prior to re-signing contracts.

Draft Protection

Young athletes commit their lives to reaching the big leagues.  But before a player is even able to sign a professional contract, they are at risk of losing everything they’ve worked to achieve should they become disabled due to an injury or an illness.  This will not only affect their draft value, but if severe enough, may destroy their chances of being drafted at all.

Contact Us

All plans are tailored to fit each athlete’s unique situation – which is easy when you work with as many providers as we do.  Contact us today to learn more about how you can protect your client’s financial future.