80% of the NFL athletes we insure purchase disability insurance coverage during the months of July and August. With players heading into training programs, mini-camps, and OTAs (Organized Team Activities), there is a keen focus on protecting their incomes prior to getting back into the gym or onto the field.
The intent of disability coverage for professional athletes is to insure either (a) their current non-guaranteed contracts, (b) their future projected income if they are heading into free agency, or (c) their future projected income if they are a top college athlete who will be draft eligible in the spring.
Protecting the athlete on the field is imperative, but think about how much time they spend on the playing field in comparison to how much time they spend off; walking down a street, going on vacation, driving a car. They need to be protected 24/7/365, so they don’t put the next big payday at risk because they trip over their kid’s toy walking down the stairs in the dark.
In addition to covered injuries on/off the field, medical diagnosis like cancer, multiple sclerosis, ALS, Cardio issues, heart murmurs etc.. are also covered. Many contracts guarantee the salary if the athlete is injured playing and practicing, and for team sanctioned duties, but not for illness.
A permanent total disability (PTD) policy offer 24-hour, worldwide coverage with an "own occupation" definition of disability - covering your client as a professional football player. It protects against injury from a car accident or at-home accident, and also strokes, multiple sclerosis, concussions, and irregular heartbeats to name a few.
As an advisor, if you want to look sophisticated in this competitive landscape start with a basic education and a trusted partner. To that end, we will be hosting a webinar with two partners from our sports division, Chris Lack & Matthew Ferraro, titled "Defend Your Client: The Ultimate Guide to Disability Insurance for Athletes".