Life Insurance for Pro Athletes
Professional athletes present a unique challenge to life insurance companies. On one hand, they are healthier than the average person, on the other hand, their sport might present unique risks. Also, professional athletes might have higher coverage needs depending on their income. What can pro athletes do to get a better deal?
Getting a better deal on life insurance means shopping around, and it sometimes means getting a life coverage medical exam. This is true for anyone. You need to research providers and look for providers that are used to dealing with your personal situation. Asking other athletes is one of the best ways to find a good policy. They did the hard work finding good providers and you can benefit from the knowledge. You should still vigorously research and review providers and policy styles so you know what you want from the beginning. What should you expect, and how can you prepare?
The First Steps
When you begin looking for life insurance you will quickly see that most insurance companies follow the same steps. They will take your application for review. Pro athletes should then expect to undergo a physical exam. This is almost always the case if you are in any kind of sport with increased risk for brain injury or injuries to the rest of the body that could affect your long term health. Also, the bigger the policy, the more risk and thus they want to know as much as possible out your health. The insurer wants to know if you have any health issues like high cholesterol, high blood pressure, or a history of cancer in your family.
The medical exam will involve a blood test to check for health problems, drugs, or tobacco. Just be as upfront and honest as you can about your health and your family health history. When you can show that you are a healthy individual that proactively manages any health issues you will get a better premium.
Once you have passed a medical examination and you are offered a policy it must be reviewed carefully. Ideally, you would have an attorney review the policy so you know exactly what is expected of you and what to expect of the insurance company in any situation. You need to know how your premiums are structured. Some policies have fixed premiums while others have a more flexible premium option.
Sign the Contract
As a pro athlete you are used to signing contracts. This is no different. Your life insurance policy is as important as any deal you sign. Make sure you have the policy you want. Don't be afraid to request changes or to look at other providers. There are many differences between insurers. Some offer innovative, hybrid-style policies that others do not. Taking a long, careful look at your options is going to get you the right policy.
Life insurance for pro athletes is valuable protection. It can be more than an investment. It can be a tax friendly way to save money. It is protection for your family in case something happens to you. It can replace your income for a time so your family can adjust. It is a necessary addition to your estate planning. The policy can sometimes be used as cash for an emergency. Or, you can leave it intact and have that death benefit for your heirs. How you set it up and use it is up to you. As an athlete you know that anything worth having is worth the work to get. Life insurance is no different. Research life insurance from the comfort of your own home and find the right policy for you.