Footballers' Life Insurance: What's The Score?

Footballers are prone to injuries, and these injuries can sometimes be career-ending. As such, it is important for them to have insurance to protect their income in the event of an injury. In this article, we will explore the different types of insurance available to footballers, the cost of this insurance, and the process of making a claim. We will also discuss the impact of injuries on a footballer's career and the steps they can take to mitigate the risks associated with playing football.

Income protection for footballers

Income Protection for Amateur Footballers

For amateur footballers, income protection is typically available at standard terms with most insurers. This is because their income usually comes from a job outside of football, and their hobby or weekend football matches are not considered a significant risk factor for their income. However, it is important to note that frequent international football matches or participation in competitions with prize money could be seen as bordering on professionalism, which may alter the terms of their income protection coverage.

Income Protection for Professional Footballers

Professional footballers, on the other hand, often need to approach specialist insurers for income protection. This is because their income is heavily dependent on their physical fitness, and even a minor injury could potentially end their career. Standard income protection insurance policies may not cover professional footballers, especially in the event of sports-related injuries. However, some specialist insurers can offer tailored coverage for professional athletes, including personal accident policies or general combined life insurance policies.

Importance of Income Protection for Footballers

Income protection is crucial for footballers due to the high risk of injuries in the sport. Common football-related injuries include sprains, strains, fractures, and concussions, which can sideline players for extended periods. Additionally, there is a significant risk of career-ending injuries, with an estimated 30 players per year across the UK's football leagues having their careers cut short due to injury. Income protection insurance provides financial security during these challenging times, ensuring that players can maintain their standard of living and support their families while they recover or transition to new careers.

Factors Affecting Income Protection for Footballers

Several factors can influence the availability and cost of income protection for footballers:

• Nature of the Sport: Insurers consider the risk associated with the sport when determining coverage and premiums. Football is generally considered a high-risk sport due to the frequent and severe injuries that can occur.
• Player's Health and Injury History: The player's current health, fitness level, and any pre-existing medical conditions or injuries will be assessed by insurers. Previous serious injuries or underlying health issues may result in higher premiums or exclusions in the policy.
• Level of Play: Whether the player is an amateur, semi-professional, or professional can impact their income protection options and costs. Professional footballers may face higher premiums due to the greater financial risk associated with their careers.
• Geographical Location: Income protection policies can vary depending on the country and the specific regulations and insurance providers in that region. For example, football clubs in different countries have varying obligations regarding injured players' salaries.
• Club Insurance Policies: Some football clubs may have insurance policies in place to cover their players in the event of injuries. However, these policies might not provide sufficient income protection, and players should carefully review the terms of their club's insurance.

In conclusion, income protection for footballers is a complex and personalised topic that requires careful consideration. Footballers should consult with specialist insurance brokers and financial planners to ensure they have adequate coverage that meets their unique needs and provides financial security in the event of an injury or illness.

Footballers' life insurance premiums

Footballers are prone to a range of injuries, from sprains and strains to concussions and head trauma. These injuries can have serious consequences for their health and careers, and even their lives. As such, it is important for footballers to have adequate insurance to protect themselves and their loved ones.

Life insurance for footballers will depend on a number of factors, including the level of football played, the player's health and fitness level, safety precautions at their club, and any underlying health conditions or injuries. Insurers will also consider the player's income and whether they have dependants when determining the premium.

Premiums for footballer's life insurance can vary depending on the player's circumstances. For example, a self-employed player may need a higher premium to cover the potential loss of income if they are unable to work due to an injury. Similarly, a player with a family to support may require a higher payout in the event of their death, which would result in a higher premium.

The type of football played can also impact the premium. For instance, amateur and semi-professional players may have cheaper premiums than professional footballers, as the risk of injury is lower. However, it is important to note that even amateur players can suffer serious injuries that can affect their earning capacity. As such, it is crucial for all footballers, regardless of their level, to have adequate life insurance cover.

In addition to life insurance, footballers may also want to consider critical illness cover and income protection. Critical illness cover provides a lump sum payout if the insured person is diagnosed with a serious illness or injury that affects their ability to play football. Income protection, on the other hand, provides a regular income if the insured person is unable to work due to illness or injury. These types of insurance can provide financial peace of mind for footballers and their families.

Footballers' critical illness cover

Critical illness cover is an important aspect of life insurance for footballers, as it provides a financial safety net in the event of a serious medical diagnosis. This type of cover pays out a lump sum of money if the insured individual is diagnosed with a critical illness listed in the insurer's claim set, such as cancer, heart attack, or stroke.

For professional footballers, critical illness cover is particularly important due to the high risk of sustaining injuries that could prematurely end their careers. The nature of the sport, involving tackling, twisting, turning, shooting, and running, makes footballers susceptible to a range of injuries, including sprains, strains, fractures, and concussions. These injuries can have long-term implications and may require surgery or prolonged rehabilitation.

When it comes to critical illness cover for footballers, there are a few key factors to consider. Firstly, the level of cover required will depend on the individual's current earnings, contract length, and age. The cost of the policy will also vary based on these factors, with younger footballers generally paying lower premiums than older ones. Additionally, the policy should provide worldwide cover to accommodate international competitions and training camps.

It is worth noting that critical illness cover for footballers may exclude Total Permanent Disability (TPD). TPD is typically included in standard critical illness policies and pays out if the insured individual can no longer work in their occupation due to ill health or injury. However, for footballers, it may be challenging to obtain TPD cover due to the high risk of career-ending injuries.

To obtain critical illness cover, footballers may need to undergo a comprehensive underwriting process. Insurers will assess various factors, including the individual's playing experience, current health and fitness level, safety precautions at their club, underlying health conditions, medications, and any previous injuries. The underwriting process may also involve completing medical forms and providing information from the club doctor.

In some cases, football clubs may contribute towards the cost of critical illness cover for their players. This is done to protect the club's interests as well as the player's personal income. However, it is still essential for footballers to carefully review the terms and conditions of any policy offered by their club to ensure they have adequate protection.

Overall, critical illness cover is a vital consideration for footballers, providing financial security in the event of a critical illness or career-ending injury. By seeking advice from specialist brokers and financial planners, footballers can navigate the complexities of this type of insurance and ensure they have the appropriate level of cover to protect their livelihood.

Footballers' travel insurance

Footballers can be at risk of injury, even when playing at an amateur level. Ankle sprains are the most common injury in football, but more severe injuries such as anterior cruciate ligament tears, hamstring injuries, and head injuries can also occur. As such, it is crucial for anyone wishing to play football, even at an amateur level, to have appropriate insurance.

• Holiday cancellation cover
• Belongings and baggage cover
• Medical and hospital expenses
• Passport, money, and documents cover
• Delayed departure cover
• Sports equipment cover
• Emergency medical expenses
• Activity and race entry fees
• Delayed flights

Some insurers will also provide a lump sum payout in the event of permanent disablement or accidental death.

When taking out football travel insurance, insurers will typically ask you to specify where you are going and when. They may also inquire about the purpose of your trip, whether you are playing football professionally or as a hobby, and how often you play. It is important to ensure that your travel insurance covers playing football, as some policies may exclude certain activities.

In addition to travel insurance, amateur and semi-professional footballers in England are required to have personal accident insurance. This was mandated by the Football Association's National Game Insurance Scheme (NGIS), which was introduced to improve protection for players at the grassroots level. However, there have been concerns about the adequacy of the financial protection provided by this mandatory insurance, with players only receiving a relatively small weekly benefit and a one-off payment for broken bones or dislocations. As a result, some footballers have opted for additional insurance policies to supplement the mandatory coverage.

Footballers' health and lifestyle

Footballers' lifestyles are often synonymous with fitness and athleticism. However, the health implications of the sport are not always positive. The nature of football means that injuries are common, and these can have a significant impact on players' health and finances.

Common Football Injuries

Football is a contact sport, and injuries can occur due to tackling, twisting, turning, shooting, or running. The most common football-related injuries affect the lower body, including the hips, groin, thighs, hamstrings, knees, ankles, feet, calves, and shins. Ankle sprains, for example, often occur from running on uneven surfaces or changing direction very quickly. Hamstring strains are also common, as the immediate change of pace when running can place a lot of pressure on these muscles. Groin injuries can be caused by kicking, twisting, running, and jumping, especially if the inner thigh muscles have not been properly stretched. Anterior cruciate ligament (ACL) injuries are another common occurrence in football, often happening during tackling moves. If the ACL is torn, surgery may be required, whereas a sprain will need rehabilitation through physiotherapy.

Health and Lifestyle Considerations

The health risks associated with football mean that players should consider taking out insurance to protect themselves financially. Life insurance providers view regular exercise favourably, and playing football as a hobby typically doesn't impact your insurance. However, if football matches involve prize money, this could be seen as bordering on playing professionally, which may affect your insurance options. Frequent international football matches or playing professionally may also alter your critical illness coverage options.

Critical illness cover pays out a lump sum if you are diagnosed with a specified medical condition, such as cancer, a heart attack, or a stroke. Income protection, on the other hand, pays you a replacement of your monthly income if you are unable to work due to ill health. Footballers who play as a hobby can usually obtain standard terms for critical illness and income protection cover. However, professional footballers will likely need to approach a specialist insurer for income protection, as their work is heavily reliant on physical fitness, and even a minor injury could be career-ending.

Protecting Your Income

Professional footballers can insure themselves against career-ending injuries by taking out career ending insurance. This type of insurance pays out a tax-free lump sum if a footballer gets injured and can no longer play. The cost of this insurance is not insignificant, and it increases with age. For example, a 22-year-old footballer insuring themselves for £6 million in cover would pay around £30,000 per year, whereas a 32-year-old with the same level of cover would pay £70,000 annually. Despite the expense, this insurance is crucial for athletes in high-risk professions.

In addition to individual insurance, football clubs also typically insure their players. This insurance helps cover players' salaries when they are unable to play due to illness or injury. However, the level of coverage varies depending on the country and the club's policies.

Frequently asked questions