For Olympic Athletes, Proper Insurance Coverage Is As Valuable As A Gold Medal
Frank N. Darras, top insurance lawyer to elite and professional athletes, explains why Olympic athletes need to review their individual insurance policies and ensure they’re protected from the financial devastation of career-ending injuries.
As the Olympic Games kick off in Rio, much of the customary fanfare has been overshadowed with concerns over the health and safety threats facing athletes, media, and fans alike.
Frank N. Darras, insurance lawyer to elite and pro athletes, says it’s more important than ever for Olympic athletes to protect their livelihood and financial future with proper insurance coverage.
“The 2016 Olympic Games present an unprecedented amount of health and safety concerns,” Darras says. “The threat of Zika alone was enough to prompt many athletes to skip Rio. The athletes who are knowingly facing these perils – in addition to the inherent risk of injury all competing athletes face – need proper protection in the form of specialized insurance policies.
Although the Olympic injury rate is lower than some professional sports, Olympians do get hurt during their days at the games, either while training on site or in competition.
Nearly 11 percent of athletes suffered an injury in the 2012 London Olympics and 7 percent suffered an illness, according to a thorough study of injury reports by Lars Engebretsen of the University of Oslo in Norway.
“Olympic athletes should have permanent total disability policies to insure against a career-ending injury or illness,” says Darras. “People from all walks of life purchase permanent total disability insurance; why wouldn’t the best athletes in the world do the same? Individual disability insurance is an excellent financial safeguard against the uncertainty that comes with a professional athletic career.”
Athletes who have endorsement deals should also consider loss of endorsement coverage. Serious injuries and illnesses can impair an athlete’s ability to meet performance expectations, which can reduce his or her exposure and postgame endorsement value.
“A single injury can make your visibility as a highly compensated, sought-after athlete disappear for good,” Darras says. “Loss of endorsement coverage is an inexpensive must-have addition for athletes who want to take that extra step to really protect their financial future.”
Loss of endorsement coverage is available as a rider to elite athletes’ permanent total disability insurance policies. Olympic athletes should contact their trusted insurance agent or broker for more information on career-ending disability insurance coverage.
As America’s top long term disability insurance litigation firm, our highly skilled attorneys are experienced in handling high-stake disability insurance matters for exceptional athletes, beginning with our free services:
- Free consultations. We’ll help review insurance carrier proposals and policies prior to purchase and educate athletes on application tips and potential policy pitfalls.
- Free claim help. Should a loss in endorsement or a permanent total/career-ending disability claim be necessary, we can assist in completing bulletproofed claim forms so the carrier is obligated to pay the claim timely and in good faith.
- National litigation, if the carrier unreasonably delays or wrongfully denies the benefits.
DarrasLaw has seen, evaluated, litigated and resolved more individual long term disability claims than any firm in the nation. The result is nearly $1 billion recovered in wrongfully denied insurance benefits for disabled clients from all across America.