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Insure My Life Right, LLC is an independent insurance agency. We represent multiple insurance companies.  Each person, each family has a different need for their insurance coverage.  Each insurance company has different specialties. Because we represent many carriers, we have more options with b

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Athlete Disability Insurance

Problem:                                  Career ending injury

  • Loss of income from non-guarantee contract.
  • Loss of future earnings beyond current contract.
  • Gaps of loss of future earnings when in-between contracts and seasons.
  • When in the last season on a contract and the potential of an injury and not being able to sign a new contract when the current contract expires.

Solution:                                  Career Ending Disability insurance policy

Our disability policies are guaranteed through Lloyds of London

Questions:                                          Answers

Who is eligible for coverage?              Professional Athletes

College athletes (Juniors & Seniors), case by case – submit a name and our underwriters will determine if eligible for coverage.

How much does coverage cost?         Standard is 1.5% to 2% of the face amount.

What factors determine the cost?       Age, position, prior injuries and the sport.

A player in his 30’s will pay more than a player in his 20’s.

In Football, a lineman (defense and offense) will pay a higher premium.

In baseball, a pitcher is more expensive to insure due to the number of injuries compared to other positions.

                        Each players offer is customized based on research done for the player.

How long are policies good for?        

  • Typically from 1 year to 18 months at a time.  However there are some exceptions to the rule.  Some players may be eligible for longer policies.  The player must be a star player.  The underwriters determine the players that are eligible for contracts longer than a 1 year/18 month contracts.
  • Each year, we re-evaluate the player and if the player is eligible, we can renew the insurance policy(ies) each year.
  • Football is typically August through August.  However, if the policy is purchased prior to August (in the spring), it will go from the time of issue of the policy date through August of the following year.

What is required to find out eligibility?          Just provide the name of the player (athlete) and we can determine if the player is eligible for a policy.

What is needed to get coverage?                    Upon an offer being made, the player will  need to complete a short application.

Medical requirements?                                    The player must have a physical from a doctor (either the team doctor or a personal physician).  No blood, no urine testing is required during this physical.

Payment for the Policy?                                  The player has 30 days to make the premium payment or the policy is cancelled.

When can coverage be issued?                       We can issue (bind) coverage when an application is returned, prior to payment.

How much coverage can I get?                      For Existing Professional Athletes:

Standard is 60% of the non-guarantee portion of a contract

& future earnings based on many factors.

  • Policies have been issued as high as 75 Million in coverage in 2013.

College players:

                                                                        Future earnings based on who they are & their draft potential.

Who determines the amount of coverage?     The underwriters determine the amount of coverage.

Our underwriters have access to data, analytics and information that help them make their decisions.

Who can make payments?                              We accept payments from anyone subject to clean funding sources.

Note:                                                               If the athlete is a collegiate athlete, NCAA guidelines require payment to come from a direct family member.

                                                                        They can get a loan for the policy.

Do many athletes have these policies:            No, only a small percentage of athletes have policies and know about the possibility for disability insurance coverage.

How are claims filed?                                     Player must have a doctor diagnosis the injury and have the medical records state that the athlete cannot play at the professional level in that sport any longer due to injury/disability.

Does the injury have to be from playing?       No, it can be a non-athletic medical issue.  It can be for any reason as long as the doctor will not give the approval to play at the professional, competitive level any longer.

What if the player makes a comeback and decides to play after having received a lump sum payment?

Answer:                                                           The player must chose to either return all of the funds from the disability insurance payout or not play.