Today’s elite athletes pursue grueling year-round training to achieve the lofty goals they have set for themselves. Hours upon hours are sacrificed away from family and friends in their commitment to be the best athletes in their class whether their chosen sport takes place on the field, the pitch, on the ice or the court, in the water, along a winding course or through the air.
Greg Schaefer, CEO of Schaefer Enterprises (SEI New York) knows a thing or two about training hard and the importance of taking care of matters away from the field that can impact a professional athlete’s life – whether they enjoy a long career, or if their career is cut short by significant injury.
Schaefer is a former Division I collegiate basketball player who has revived his athletic career in a big way by becoming an elite triathlete. In fact, early on the morning on October 12, Schaefer will plunge into Kailua Bay in Hawaii and join hundreds of other world-class triathletes from around the globe for the IronMan competition, an unequaled measure of emotional and physical stamina that tests the mettle of every participant to the max.
His competitiveness and deep immersion in the sports world has made him and his agency one of the leading brokers of professional athlete insurance programs covering players in the NBA, NHL, PGA Golf, NFL, MLS and just about every other professional league there is.
Professional Athlete Insurance Protects Careers, Futures and Families
Make no mistake, extensive training no matter how closely monitored by a professional trainer takes a toll on the body which can lead to serious injuries. And sometimes even the most seemingly uneventful step or foot plant can rip apart a knee leading to months of difficult recovery and therapy. When contact sports are involved, jarring collisions that would leave most of us laid out on the couch with ice bags strapped to various joints for weeks can lead to accumulated damage that can sideline even the most highly trained athletes later in life.
“Not every professional athlete signs a contract like Mike Trout and doesn’t have to worry about their future earnings,” Schaefer says. Trout, who recently signed a 12-year deal with MLB’s Anaheim Angels worth $430 million, became the owner of the richest contract ever handed out to an athlete in professional sports. “The average NFL player’s career lasts under four seasons, during which time the athlete has to try and make as much money as their talents will allow. Beyond a career-ending injury, there are other factors which the athlete and his or her agent have to take into account to protect the interests of the individual and their family.”
Choosing the Right Insurance for Professional Athletes
Like any established professional athlete or up-and-coming young player, the rewards of playing at the highest levels are impressive, as are the losses to income and lifestyle when significant injuries or illnesses occur. That’s why it’s so important for the athlete, their agent and their team’s management to do whatever it takes to protect the player’s interests. The high-intensity nature of many pro sports means that sometimes injuries are unavoidable. The best way to mitigate the loss of income these kinds of risks pose is with insurance products that protect the financial and time investment of players and their management.
SEI New York offers a number of insurance products that help protect the interests of the insured in the event of catastrophic injury. These include:
Permanent Total Disability—Benefits are paid when an injury prevents the athlete from ever returning to their sport of choice. Also known as “career ending” insurance.
Loss of Value—This coverage provides financial protection against the loss of value in a player’s contract if they are playing out the final season of their contract before free agency.
Besides playing hard for their next contract, professional athletes and young players with futures in pro sports need to take into account the possibility that their playing careers won’t last forever. Or maybe not long at all. For many it’s a scary thought, but the fact remains: whether you’re an athlete, an agent or legal representative, or part of team management, having the proper protection in place to safeguard a playing career(s) and/or your investment is a no-brainer.
Contact SEI New York to learn more about professional athlete insurance
Every elite athlete thinks of himself or herself as an IronMan (or IronWoman). But fitness, talent and skill are not always the best predictors of career longevity. To guard against tremendous financial losses due to a career that’s cut short, you owe it to yourself or your athlete to secure the best professional athlete insurance protection available. SEI New York can help, call 877.237.2481 and ask for James Tallarico, Managing Director of our sports division.
