Athlete Disability Insurance Plans
Athletes’ careers expose them to countless possible injuries. Additionally, the physical qualifications he or she must maintain are incredibly demanding. Athletes consistently risk injuring themselves and, sadly, even a minor disability can be career-ending for a college or professional athlete. Because the risk is so high, Traditional Insurance companies usually do not underwrite disability insurance plans for athletes. Petersen International Underwriters provides high limit coverage for professional athletes—as well as collegiate stars planning to play professionally—against career ending disabilities or temporary disabilities.
Take The Case Of…
After the college football season ends, players are either entering the NFL draft or choosing to stay in school for another year. Both these groups can benefit from the insurance solutions Petersen International provides.
Players that are entering the draft now who are projected to sign very large contracts are starting to spend the money that they do not have. They are getting loans from banks or their player agents are buying them cars, houses, motorcycles, etc. We can insure both life and disability to cover the loans that they are taking out. We can also provide our Draft Protection coverage to cover the contracts that they hope to sign.
For players returning to college for another year we can provide coverage through our Draft Protection Plan from now through the next draft. Most college players need to get a bank loan to pay for the premium of the Draft Protection Plan in which banks require life insurance which can be covered by our Bank Loan Contingent Life Plan.
Please give us a call if you have a player or player agent looking for coverage on professional prospects.
Each sport has its own set of guidelines that underwriters follow; when you call our office for assistance we will happily guide you to help you explain what can be accomplished for your particular athlete client.
This plan comes with multiple benefits. In the event of an injury, your client can be covered for his or her projected future earnings, the cost of an agent or a manager, the lost contract completion, loss of endorsements, and many other costs.
If a disability leaves one unable to work in his or her field, the consequences can be devastating, especially for a highly compensated individual accustomed to living a generous lifestyle. Many athletes have high annual incomes but do not have sufficient Disability Insurance. In this line of work Disability Insurance is invaluable. Make sure your athlete clients are sufficiently covered with PIU’s Athlete Disability Insurance Plan.