Professional Sports Life InsuranceThe facts about getting professional sports life insuranceProfessional sports life insurance will often be obtainable at standard rates. However, there are some circumstances in which special terms may be required. For instance, people who take part in extreme sports or professional sports people who are involved in high-risk sports such as motor sports or rugby may receive special terms. Your professional sports life insurance premium will be affected by several factors and you will likely need to provide your life insurance company with further information.What does Professional sports life insurance cost?The amount your professional sports life insurance premiums cost will depend on how high-risk your activity is for a professional sports person. Some questions that may be asked your sports for life insurance purposes are: What level of cover are you applying for? What type of sport are you looking for professional sports life insurance to cover (e.g. football, motor sport)? Do you take part in any extreme sports? What is your medical history? What type of professional sports life insurance are looking to obtain (e.g. Life insurance, critical illness cover and income protection)?Your premiums for Professional sports Life insurance will also depend on: Sum assured (£’s) Term of cover (years) Type of policy (e.g. Family, Mortgage, Whole of Life etc.)Professional sports life insurance rates/ratingsIf you are a semi-professional or professional sports person in a low risk sport, you will likely obtain professional sports life insurance with standard insurance premiums. Professional sports people who take part in extreme sports will usually be offered an increased insurance premium and may benefit from looking into extreme sports life insurance. Professional sports people in high-risk sports like rugby, motor sports or boxing are also likely to be offered higher insurance premiums.Percentage (%) loading for Professional sports life insuranceIf your activity is deemed high-risk your professional sports life insurance may have percentage loading applied to your insurance premiums. Percentage loading will raise insurance premiums by a set percentage to accommodate additional risk of claim. Some insurers can offer higher levels of loading (e.g. 250%, 400%) so professional sport life insurance may be available to you with a different provider if you have previously been declined.EXAMPLE:Basic premium% loadingFinal premium£20.0050%£30.00£20.00100%£40.00£20.00150%£50.00£20.00200%£60.00£20.00250%£70.00Per mille loadings for Professional sports life insurance‘Per mille loading’ raises insurance premiums by a set amount (e.g. £1, £2) per thousand £’s of cover applied for. This type of loading is often only applied in very severe cases making it unlikely ‘per mille loading’ will be applied to your professional sports life insurance premiums. ‘Per mille loading’ can be very flexible, as it can applied to policies in the short or long term.Exclusions for Professional sports life insurance, critical illness cover or income protectionIf your activity is very high-risk, insurance underwriters may request an occupation ‘exclusion’ be added to your professional sports life insurance. This would prevent your from claiming for anything related to your occupation or extreme sports hobbies. An ‘exclusion’ on your professional sports life insurance could make your policy impractical, so it is important you check the policy wording closely. ‘Exclusion’ can also prevent you from accessing benefits such as Total and Permanent Disability, Waiver of Premium and Guaranteed Insurability.How much cover do I need?Without knowing your personal/financial circumstances we cannot tell how much professional sports life insurance you should apply for. We can, however, provide a few guidelines that could help you to make your decision. Remember that your professional sports life insurance premiums could increase after underwriting and this could impact your policies affordability.Professional sports life insurance amounts of cover The amount left to pay on your mortgage. Any outstanding debt (e.g. Loans, second charge, credit cards and other) Dependants Spouse or Partner Annual Income (after Tax) Any financial assets (e.g. car, house, business etc.)If you feel unsure or require more information to decide how much professional sports life insurance you will require to secure your family and home, see our Iam Insured insurance calculator .Professional sports critical illness cover amountsA professional sports life insurance critical illness policy will provide professional sports people with a tax-free lump sum if they become unable to work due. These policies are often available to professional sports people at standard insurance premiums provided that their activity is low risk. Assessment of high-risk sports or extreme sports for life insurance cover will often require a higher life insurance premium or occupational ‘exclusions’. As the sum assured for professional sports life insurance critical illness cover is often very high, it is likely you will be required to provide additional evidence. When deciding the amount of professional sports life insurance critical illness cover you need, think about: Your annual Income (after Tax) Mortgage/rental payments (annual) Cost of living (annual) Any other potential costs (e.g. medical treatment or adaptations)Professional sports income protection amounts of coverAs the sum assured for professional sports life insurance income protection is often very high, professional sports people will require a specialist professional sport life insurance company. This is due to the additional underwriting that will be needed. A professional sports life insurance income protection policy will provide professional sports people with monthly payments if they become unable to work. When deciding the amount of professional sports life insurance income protection you should apply for, consider these factors closely: Monthly income (after tax) Mortgage/rent payments Debts (other) Cost of livingWhich insurance companies offer Professional sports life insurance?Obtaining professional sports life insurance with standard insurance premiums should be possible for most professional sports people. For profession sports people who take part in extreme sports or high-risk sports, your professional sports life insurance may have higher insurance premiums or special terms. If you are having difficulty find professional sports life insurance cover, specialist professional sports life insurance provider like Iam Insured may be able to help.Iam Insured have over 20 years’ experience helping professional sports people obtain professional sports life insurance, critical illness cover and income protection. We are a professional sports life insurance specialist authorised and regulated by the financial conduct authority, entered on the financial services register, and registered in England and Wales. To contact our team of experts, call us now on or send us an email .Professional sports critical illness cover and income protection providersProfessional sports life insurance critical illness cover and income protection may require you to seek out a specialist professional sports life insurance provider. For further information or advice, contact our Iam Insured team of experts now.