Doomsday101
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Most NFL players don't purchase disability insurance despite the risk of injury from playing professional football, according to insurance underwriters.
Many players are unwilling to pay for the coverage and are sometimes advised against buying it, said Chris Larcheveque, an executive vice president of International Specialty Insurance, one of four companies authorized by Lloyd's of London to underwrite these policies He estimates that only about 40 percent of NFL players have this coverage.
"A lot of guys who need it are rookies," Larcheveque said. "They don't want to spend $20,000, $30,000 or $40,000 on insurance. It's a big chunk of money on something that is a safety net."
For some players, though, the benefits of playing football with a net can be huge. As Bleacher Report noted, former USC wide receiver Marqise Lee stands to collect $5 million on his insurance coverage because a knee injury resulted in his getting drafted in the second round of last week's NFL draft, instead of the first as had been widely expected. Lee, who was picked by the Jacksonville Jaguars, had what is known as a "loss in value" rider in his policy that triggers a payout if an injury caused him to get a less valuable contract than expected.
Lee's USC teammate Morgan Breslin wasn't so lucky. Experts had expected him to be drafted in the first round, but he wound up not being selected at all. He has signed with the San Francisco 49ers as an undrafted free agent," but the odds of making the NFL are long for him, making his benefit perhaps his only payoff for his years of football," Bleacher Report says.
http://www.cbsnews.com/news/most-nfl-players-dont-buy-disability-insurance/
Many players are unwilling to pay for the coverage and are sometimes advised against buying it, said Chris Larcheveque, an executive vice president of International Specialty Insurance, one of four companies authorized by Lloyd's of London to underwrite these policies He estimates that only about 40 percent of NFL players have this coverage.
"A lot of guys who need it are rookies," Larcheveque said. "They don't want to spend $20,000, $30,000 or $40,000 on insurance. It's a big chunk of money on something that is a safety net."
For some players, though, the benefits of playing football with a net can be huge. As Bleacher Report noted, former USC wide receiver Marqise Lee stands to collect $5 million on his insurance coverage because a knee injury resulted in his getting drafted in the second round of last week's NFL draft, instead of the first as had been widely expected. Lee, who was picked by the Jacksonville Jaguars, had what is known as a "loss in value" rider in his policy that triggers a payout if an injury caused him to get a less valuable contract than expected.
Lee's USC teammate Morgan Breslin wasn't so lucky. Experts had expected him to be drafted in the first round, but he wound up not being selected at all. He has signed with the San Francisco 49ers as an undrafted free agent," but the odds of making the NFL are long for him, making his benefit perhaps his only payoff for his years of football," Bleacher Report says.
http://www.cbsnews.com/news/most-nfl-players-dont-buy-disability-insurance/
