Athletes Covering Themselves With Insurance

More and more, college athletes and pros are insuring themselves from injury. With a professional athletes career only lasting a few years on average, their opportunity to generate income is significantly shorter than the average american. While this has been a common practice for many pro athletes, college athletes are starting to take on this practice.

Here are a few athletes and the insurance premiums they have taken out recently:

Jadeveon Clowney recently took our a $5 million dollar insurance policy to protect himself from injury while he plays out the 2013 college football season. For those of you not familiar with Jadeveon, I suggest you watch this video clip: Top Clowney Highlight. For a player of this caliber, it makes sense to bet on himself. Chances are he will be a top 3 pick in next years draft, guarantee him much more than the $5 million dollar policy he took out.

Johnny Manziel, the quarterback who burst onto the scene last season for Texas A&M, took out an insurance policy worth millions of dollars. Having only played one year of college football plus a red shirt year, Johnny Football has to complete another year before he is eligible for the NFL draft.

Back in 2009, college athletes such as Tim Tebow, Even Turner and Tyler Hansborough all took out insurance against injury. This theme has spread across division one programs and is now common for athletes who are perspective first round picks.

Pro athletes also use insurance for protection from injury. With their livelihood tied to their physical abilities, a devastating injury could ruin their career and income earning potential. When the lockout occurred last year many players headed oversees to play. The NBAPA actually helped players acquire insurance should they get hurt while playing oversees. As you can imagine, with the US market being significantly larger than the European and Asian markets, there is not as much money to be made oversees.

Other athletes such as Kobe Bryant, David Beckham and even Greg Oden, all took out insurance policies over the past few years to protect themselves from injury. As we see more and more earning potential from professional athletes, expect more insurance options for them.

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