Risk Ready- Presented by The Private Risk Management Association
Insurance Concerns for Professional Athletes
Feb 25, 2022
Ric Serritella, a Sports Illustrated publisher, joins experts including Lauren Bailey of AIG and Bill Godfrey from Vault to discuss the unique insurance concerns facing professional athletes. They dive into financial safeguards post-retirement and the necessity of tailored insurance for high-value possessions. The panel also highlights the complexities of managing liabilities tied to entourages, and the impact of public personas on insurance decisions. Emphasizing the vital role of bespoke insurance solutions, they stress the importance of strategic financial planning.
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Quick takeaways
- Professional athletes face financial vulnerability due to short careers, emphasizing the need for early financial planning and insurance.
- Establishing LLCs for property can provide privacy and liability management for athletes, though it incurs associated costs and complexities.
Deep dives
Financial Vulnerabilities of Athletes
Professional athletes face significant financial vulnerabilities due to the short duration of their careers and peak earning phases. Statistics indicate that a staggering 78% of NFL players and 60% of NBA players experience financial difficulties shortly after retirement. With an average career span of just 2.5 to 3 years in the NFL, athletes are urged to prioritize financial planning and insurance from the onset of their careers. Trusted advisers play a crucial role in mitigating these risks by educating athletes on products like disability insurance and loss of value insurance, which protect their income and financial future.
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