With the college bowl season underway and the NFL draft prospect rankings and predictions being made, we thought it fitting to share a case study of a top NFL draft pick.
The premium on this case was roughly $35,000 plus taxes and fees.
Client: A college football player at a prestigious university was projected to be a top-10 NFL draft pick.
Situation: As a top player in his class, the college junior decided to forgo his senior year and enter the NFL draft where he was ranked as the second overall offensive lineman and was sure to be taken with one of the top-10 selections.
Assessment: Due to the physical nature of the sport, it was made apparent that if the player suffered an injury or illness resulting in a permanent total disability, then millions in guaranteed money and signing bonuses would be lost.
Solution: The Disability Insurance Team worked with the player’s insurance advisor to develop a $10 million permanent total disability policy that would cover for any injury, accident or illness occurring between the time the policy was placed until draft day. The policy would terminate upon the signing of an NFL contract.
Result: As a result of having this policy in place, the player was assured that even if he suffered an injury or illness prior to draft day, he would still be compensated based on his projected NFL value.
Specialized coverage due to the nature of the sport was needed, it’s also important to note that high-earning individuals of other occupations may sometimes have a gap in disability income protection.
As always, please feel welcome to share this case study with your centers of influence.
Contact your Disability Insurance Specialist to discuss any opportunity to provide Income Protection to a client.
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