Professional Athlete Insurance

Athlete Insurance
Allen Financial Insurance Group & The Equestrian Group
Professional Athlete Insurance
By: Allen Financial Insurance

Welcome to the Allen Financial Insurance Group center for Entertainment, sports and recreation insurance. You will find and learn information about the tailored coverage we offer for professional athletes.

Professional Occupation Coverage

These plans are for specific professional occupations. They will terminate automatically if the insured changes from the occupation in which he or she was engaged in at the time coverage was issued, unless an agreement has been obtained from the Company.

Terms of Coverage

These plans are annually renewable, or for negotiated longer periods of time. Premium rates may be changed upon renewal. A renewal application or a statement of good health may be required for consideration of renewal.

Loss of Future Earnings
Contract Completion
Loss of Endorsements
Cost of Agents/Managers
College Draft Protection
Failure to sign contract coverage

Key Player Coverage
High Limit Permanent Disability
Individual & Catastrophic AD&D
Per-Game Benefits
Temporary Total Disability
Permanent Total Disability

Professional Athlete Insurance

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, even a minor disability can be career-ending for a college or professional athlete. Because the risk is so high, many Insurance companies usually do not underwrite disability insurance plans for athletes. Allen Financial Insurance Group provides high limit coverage for professional athletes—as well as collegiate stars planning to play professionally—against career ending disabilities or temporary disabilities.

Each sport from football to tennis 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.

General Information Regarding Athlete Plan Design

These plans are used in a number of ways to insure the professional athlete personally or to insure the team of which the athlete is a member as to the financial losses that result from a disabling accidental bodily injury or sickness. Career length varies by the sport in which the athlete performs. Exceptionally high earnings are generated in a short time span making the adequate insuring of the earnings potential a primary financial planning process.

Loss of Future Earnings

A professional athlete can anticipate income levels and probable playing time. A disability can affect the level of income to be earned in the future and a disability can shorten the career period. As an example, an athlete has no income assurance beyond the term period of the present contact. This plan can insure an income should disability shorten the expected career period.

Contract Completion

The loss of an athlete by disability puts the team in double jeopardy. Revenue may slip and the team must continue to pay the non-performing athlete. These plans can insure the contracted compensation to the athlete, thus relieving the team of that financial burden.

Loss of Endorsements

Endorsement income and fees continue to flow as long as the public remains fans of the athlete. A political statement, a drug involvement, a drunk arrest, a public relations goof, and the advertisers/endorsers pull back from sponsorship. This loss is also insurable.

Cost of Agents/Managers

During periods of disability it is in the athletes best interest to continue the use of agents and managers to keep the athlete’s value as an athlete and as a product spokesperson keenly in the minds of those who contact for their services. These costs can be insured.

Temporary Total Disability

Designed to respond in the event that a professional athlete is temporarily unable to work. TTD is defined as being wholly and continually prevented from performing the major duties of their occupation, due to accidental injury or sickness. Options vary from a 60-day elimination period to as long as required and a benefit period from 1 to 5 years.

College Draft Protection

Talented athletes may decide to stay in school rather than take early entry into the draft. There is a risk of sustaining a career ending disability during the final college years. These plans are available to insure the future value of a professional career.

High Limit Death & Dismemberment Benefits

The loss of life or dismemberment of an athlete can place an enormous financial burden on the surviving spouse and/or children. Many teams provide a small benefit in the event of a tragedy and most families have little or no life insurance. These plans provide athletes with high limits designed to help eliminate the financial burden a family can incur as the result of a tragedy.

Securing A Quotation

In order to receive a quotation, click on the link below to access the Request for Quotation form in Adobe Acrobat format. This form must be completed in full. A quotation will be forwarded with specific terms and conditions including “this quotation is contingent upon receiving a fully completed and signed Medical Examiner’s Report Form.