Athletes may be confused if they can get insurance and what factors are considered in getting one. For starters, riskier sports do not automatically give athletes higher rates. Insurance companies' concern is the risk the athletes pose to them and investigating how easily the athlete may be injured with the sports they play.
For example, a bodybuilder could spend more on life insurance. Insurance will be due to the athlete's build, and the company has its build chart that they consider ideal. Meanwhile, for runners, tests for liver enzymes can be a problem.
Why is it Difficult for Professional Athletes to Buy insurance?
Getting insurance for professional athletes can be burdensome because most life insurance companies opt not to approve policies for athletes who have high-risk careers because of the cost.
However, life insurance companies need to be financially stable to be able to pay out on life insurance claims for their clients.
Evaluation of premiums for athletes are based on the length and type of the policy they are getting, age, how healthy the athlete is, in consideration of the career. Additionally, professional athletes are at a higher risk of incidents like identity theft, stalking, or even kidnap due to their popularity.
Life insurance companies need to know the estimate of how the athletes are going to live based on these factors. The factors stated above are the ones that will help the company calculate the duration of the payment into the policy. The right calculation helps in paying off the entire death benefit by the time the athlete passes away.
Factors To Check for Professional Athletes
Life Insurance is significant for professional athletes to replace income, especially for those who depend on their athletic abilities. The following are the things life insurance companies check:
- Competition level
The best type of life insurance for professional athletes depends on their coverage needs, coverage goals, and budget. In conclusion, being a professional athlete makes it more difficult for them to buy insurance, but it is not impossible.
At Roper Insurance Services, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (828) 697-6709 or Click Here to request a free quote.