Whether you are an NFL football player, NBA basketball player, MLB baseball player, MLS soccer player or an athlete in an individual sport such as swimming or track and field, as a professional athlete you rely on your body and health to be able to play the game. One injury could take that all away.
The best way to protect yourself and your income is with an insurance contract. The insurance policy is a disability insurance contract that will pay you a lump sum benefit in the event that you have a career ending injury.
Benefit eligibility is based on compensation and rates are based on the amount of benefit purchased, professional athlete’s age and geographical location. Players may not be able to purchase coverage until after the draft and a contract has been signed. NCAA players who are highly ranked with a strong chance of being drafted may purchase a policy.
According to Bryan Swalley of ERA Elite Representation Associates, “I have seen firsthand what happens when a player becomes injured and can no longer play. It is devastating.” We also offer disability insurance for sports agents. Contact us for details.
Group Benefits vs. an Individual Policy
If you work for a large group or practice, you may be offered a group policy. Group policies typically offer a limited monthly benefit (60 percent of your income to a maximum of $10,000 or $15,000/month). Group policies can’t discriminate – they must offer coverage to everyone in the group. Consequently, they often lack the important provisions of a personal policy.