Professional sports life insurance
If you’re a professional sportsperson then you might need life cover to protect your family and their financial future.
It’s important to consider life insurance for anyone with a family or a home to protect against loss. If something happens to you then you’ll want to make sure that your family is looked after financially.
According to the Professional Players Association (PPF), there are more than 17,500 professional sportsmen and women in the UK.
Our history of protecting professional sportspeople
We have been helping to protect professional athletes in the UK for over 20 years and have worked with many of them to help protect their families.
Our team of extremely skilled and friendly experts has helped to protect thousands of our customers and their loved ones. We are also extremely lucky to have worked with some of the top-level elite athletes over the past two decades.
We appreciate that elite sports can be a minefield when it comes to financial needs and that is where we can help.
Why do professional sports people need life insurance?
Professional sports people and elite athletes need life insurance for exactly the same reasons as everyone else, to protect their family and loved ones.
Most professional sports don’t have a higher risk of mortality or morbidity unless they are high-risk activities (e.g. motorsports, mountaineering, extreme sports, etc.).
Also, don’t be confused by other professional sports insurance products such as injury or accident cover, and professional indemnity.
We are a team of super friendly and passionate life insurance experts that have helped to protect thousands of families.
Our services are FREE and we are also extremely proud to be able to boast that our customer rating is 5.0 out of 5.0 stars on Feefo. We hope that our reviews speak for themselves to demonstrate that we are totally dedicated to you and protecting your family.
Read our latest reviews on Feefo to find out more.
We also have one of the most comprehensive panels of insurance partners in the UK with access to all mainstream and specialist insurers.
About professional sports life insurance
Here we will explain how life insurance works for professional sportspeople and the best options that are available.
We will aim to answer as many of the most common questions as we can, however, you can contact our team of experts if you need more help.
Will life insurance payout for professional sports?
Yes – you should be fully covered and protected if you have life insurance cover and you take part in professional or elite sports.
This means that your family should receive a cash lump sum if you die either while taking part in sports or in normal day-to-day life. There are many reasons for wanting or needing life insurance to pay for things like:
- Property rental
- School fees
- Tax liability
You just need to consider what you need life insurance for and how it will pay out to your family or dependents.
Some of the most common professional sports that we deal with:
- Horse riding
- Fitness instructor
- Mountaineering or climbing
Many of these sports are simply not classed as dangerous or higher risk as well so there should be no additional requirements from a life insurance perspective.
Does critical illness cover payout for professional sports?
There are a number of elements that will be covered under a standard critical illness cover policy for professional sports.
Many people who take part in professional sports can be exposed to extra health and physical risks. The potential risks and dangers will clearly depend on what your elite sport is and what level you take part in.
You will generally be covered for serious illnesses and injuries that may occur as a result of taking part in professional sports, such as:
Your cover can help to release financial pressure and replace lost income from taking part in professional sports.
Life insurance for professional sportspeople
Getting life insurance cover for people who take part in professional or elite sports can be simple if you apply to the right companies.
It is also a possibility that you could end up paying much higher premiums than you should for professional sports life insurance. If you apply to the wrong company or if you don’t get the right advice then your cover could cost considerably more than it needs to.
You should not have a problem being able to get life insurance, however, there are some insurers who are far better than others for professional sports.
You should make sure that you speak to an expert or a specialist in this area to be able to better understand your options.
Are professional sports excluded from life insurance?
No – your life insurance will always include your occupation as an elite athlete so you should be fully protected.
If you’re unsure about whether you are covered with an existing policy then you can check your policy wording. It will state whether there are any exclusions with your policy and whether you have any special terms.
Most of the mainstream insurers don’t offer life insurance cover with exclusions, so if you’re covered by one of the main brands then you should be fine.
The only and common exclusion for life insurance policies is suicide in the first 12 months.
Can I get critical illness cover for professional sports?
You should be able to get a critical illness cover policy if you are a professional sportsperson or an elite athlete.
A critical illness cover policy is designed to give you financial protection in the event of diagnosis of a serious illness or injury. You can use this type of cover to replace your income for a period of time while you recover or are unable to work long-term.
There are some sports where it can be more complicated to get this kind of cover so you just need to get proper advice. A possible outcome is that you might be offered a policy that excludes your occupation or potential injury from it.
How much is life insurance for professional sportspeople?
The good thing about life insurance is that it is incredibly flexible so you can easily fit your policy to your needs and budget.
Life insurance premiums will be based on:
- Your age
- How much cover you need (£’s)
- What term you want (years)
- Do you smoke
- Which type of cover (e.g. level, decreasing, whole of life, etc.)
You will also need to disclose any information about your occupation which may also have some impact on your premiums.
The premiums that you will pay for life insurance will be based on your individual circumstances. You can easily save money on your life insurance premiums, however, by getting cover from the right insurance provider.
Each insurance company has its own pricing model and therefore some insurers will be naturally cheaper than others.
Best life insurance for professional sports
You will be able to choose from several main options of types of life insurance policies to suit your requirements.
Each different type of life insurance policy is designed to provide specific coverage to protect your family and your home. You can choose the policy that best suits what you are looking to protect and for what reason.
Some of the main types of life insurance policies are:
- Level Term life insurance (Family Protection)
- Decreasing Term life insurance (mortgage protection)
- Whole of Life insurance
- Business life insurance
You just need to think about what you need the cover for and that will then give you an idea about which cover is best.
Need more help to get professional sports life insurance
If you want to get professional and friendly advice then you can contact our experts on 0800 009 6559. We offer free and impartial advice to help you to make the right decisions for your family.