Life Insurance for Athletes

Today we want to understand if the infamous Infinite Banking Concept is something that is attractive to athlete business owners. The Infinite Banking Concept (IBC) is a financial strategy where you use a special type of life insurance, called Whole Life Insurance, to create your own personal bank. Here’s how it works in simple terms:…

Life insurance is a crucial component of financial planning, providing peace of mind and security for your loved ones in case of the unexpected. However, not all life insurance policies are the same, and the rates can vary significantly. Preferred life insurance rates are offered to individuals who meet certain criteria, indicating they pose a…

High performance sports can have an impact on insurance rates. Why? Because most sports of this nature include a risky component that the insurer must offset with higher premiums or by offering rated, simplified, or guaranteed issue insurance if the applicant does not qualify for traditional coverage. However, where does bodybuilding fall on this spectrum?…

We have heard it time and time again. Exercise is important for health and healthy people get better life insurance rates. However, just how big of a role does exercise play in the underwriting process? We asked Karen Cutler, Chief Underwriter Individual Insurance at Manulife, for her thoughts on this matter. “Exercise definitely plays a…

While there are many things that affect life insurance rates, being a smoker is one risk factor that is always viewed in a negative light. Why? Because smoking creates a lot of health risks – which could be avoided by the applicant choosing not to smoke. Let’s take a closer look at this issue. What…

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…

Getting the best life insurance premium for the highest possible coverage amount is important. Life insurance is what stands between your and your loved ones’ financial future should something catastrophic happen. Whether it is critical illness insurance that pays a lump sum to the life insured to help with the costs of treatment or a…

It is common knowledge that being young and in good health provides the best life insurance rates. However, what happens when that youth and health are due to participation and enjoyment of extreme sports? Underwriters base premiums on risk; how do they view applicants that look risk in the face and defy it – intentionally? …

Why life insurance for athletes is different? Professional athletes have unique occupations; a cookie cutter approach to life insurance often doesn’t work.Certain sports carry a lot of risk, while others can be extremely hard on the body. Additional factors that can influence the life insurance rates you pay and/or if you qualify for life insurance include age,…