"The highest paid player on an NFL team is the quarterback. What you probably don't know is the second highest paid player is a left tackle. The left tackle's job is to protect the quarterback from what he can't see coming. That's why the first check you write is for the mortgage. The second is for insurance." Paraphrased opening monologue from the award winning film, "The Blind Side".
What most athletes should be keenly aware of is the effect on their financial health due to a premature retirement from a career ending injury or illness. By the very nature of the sport, an athlete's body is continuously in harm's way and should be protected both physically and financially from a serious injury or illness, particularly if it prevents the next stage in their career from becoming a reality.
An athlete's greatest asset is their ability to play their sport and work in their occupation. Given the compressed career lifespan - the average NFL player's career is roughly 3.5 years - Disability Insurance protection is the most critical form of insurance any player can own.
A void in the US disability market leaves these professional athletes without a domestic option for disability income protection. For college and professional athletes, Lloyd’s of London provides “own occupation” coverage designed to pay a lump sum benefit for career ending injury or illness, most commonly with a one-year elimination period. Coverage is underwritten differently for an athlete than it is for someone in a executive or professional position. Athletes are required to complete an orthopedic report with a certified medical professional to exam the movement of their body (ligaments, joints, muscles, etc.), and any past injuries that may have occurred.