When it comes to playing professional sports, there is a lot of risk involved. With the physical nature of the game, injuries can happen at any time and can have long-lasting effects on a player’s career. This is why it’s important for players to have life insurance in place to protect themselves and their families in case something happens.
Baseball Player Insurance: Why it can be a Challenge to Obtain
Life insurance for professional sports players can be challenging because of the high premiums that come with such a risky profession. In addition, teams may not always provide adequate coverage for their players, leaving them vulnerable if an injury occurs. Working with an experienced broker is essential when it comes to finding the right policy for baseball players who need new coverage or more coverage than what their team provides.
What do the Experts Say about Baseball Player Insurance?
We asked three carriers about baseball player insurance. Here is what they said.
- Carrier A: Baseball players can qualify for standard coverage, but the amount could be limited by their citizenship and/or work permit. Many players are traded across teams, meaning not every player for a team resides or has citizenship in the country they represent.
- Carrier B: The profession does not create a problem for a life insurance application. Health and lifestyle factors, however, would factor in, just as they do for any other application.
- Carrier C: Life insurance can be obtained for baseball players, but it can be subject to team limits for capacity. The other concern that can come up is many of them are not Canadian citizens, so there could be some residency issues and tax issues of which to be aware.
What about Disability Insurance for Baseball Players?
Disability insurance is definitely a no for the majority of professional athletes in any active sport. Disability insurance for professional sports players is found in special markets like Lloyd’s of London, or other such niche carriers.
No Medical Baseball Player Insurance
Health and lifestyle factors play a significant role in determining an individual’s eligibility for life insurance. Insurance companies assess these factors to determine the risk level associated with insuring an applicant. The higher the risk, the more likely it is that the insurer will decline coverage or charge higher premiums. While playing baseball professionally is not a deterrent for life insurance, the player’s health and lifestyle factors would play a role.
Some common health and lifestyle factors that can limit a baseball player’s ability to obtain life insurance include:
- Pre-existing medical conditions: Applicants with chronic health issues such as diabetes, heart disease, or cancer may face challenges in securing life insurance coverage.
- Age: Older individuals are often considered higher risk due to the increased likelihood of health issues and shorter life expectancy.
- Hobbies: High-risk hobbies like skydiving or scuba diving can make it difficult for individuals to secure life insurance coverage.
- Family medical history: A family history of certain hereditary diseases, like cancer or heart disease, may increase the risk of an individual developing those conditions and could impact their eligibility for life insurance.
To address the needs of individuals who might be unable to obtain traditional life insurance due to these health and lifestyle factors, insurers offer no medical life insurance policies. These policies do not require a medical examination or extensive health questionnaires. There are two main types of no medical life insurance: simplified issue and guaranteed issue.
Simplified Issue Life Insurance: This type of policy requires applicants to answer a few basic health questions but does not require a medical exam. Simplified issue policies are typically available with relatively lower coverage amounts and may have higher premiums compared to traditional life insurance. However, they offer an option for individuals who would otherwise be declined due to health or lifestyle factors.
Guaranteed Issue Life Insurance: This policy type does not require any medical questions or exams, making it accessible to nearly anyone, regardless of their health status. Guaranteed issue policies generally have low coverage limits and higher premiums, as the insurer assumes a higher level of risk without any health information. These policies often include a delayed death benefit, which means that the death benefit is not payable until a specified period (e.g., two years) has passed since the policy’s inception. However, in most cases the premiums previously paid would be returned to a beneficiary.
Fun Fact: Baseball in Japan
In North America, and especially in the United States, baseball is a serious and beloved sport. In Japan, however, the sport is taken to a whole new level.
In Japan, baseball is known as yakyu which literally translates to “field ball”. According to theculturetrip.com, “The popularity of baseball in Japan soared after the war, as US soldiers stationed in Japan brought the game back with them.” Since then, baseball has become deeply entrenched in Japanese culture and society.
One unique aspect of baseball in Japan is the level of passion and enthusiasm from fans. The article states that, “Baseball is more than just a sport; it’s an integral part of Japanese culture and identity.” Japanese baseball games are known for their lively and enthusiastic crowds, and the fans often participate in organized chants and cheers throughout the game.
Another interesting aspect of Japanese baseball is the use of cheerleaders and mascots. According to the article, “Most teams have their own cheerleaders and mascots, who dance and perform throughout the game, entertaining the crowds and keeping spirits high.”
Japanese baseball offers a unique take on this beloved sport. Baseball players in Japan have access to a variety of insurance options, including Sportsanzen. In addition, players who make it to the major leagues are eligible for lifetime medical coverage after just one day in the majors. The Japanese Baseball Players Pension provides additional benefits for those who spend 40 days on a major league roster.
Baseball Player Insurance: Important Locally and Abroad
Having life insurance is an important part of being a professional athlete since there are so many risks associated with playing sports at this level. Whether you play ball with the pros or are part of a weekend community league, it’s important to work with an experienced broker who can help you find the best policy for your needs so you can stay safe and protected while you hit those home runs.