Athletes getting in business of protecting their assets [The Blade, Toledo, Ohio]
By Rachel Lenzi, The Blade, Toledo, Ohio | |
McClatchy-Tribune Information Services |
Hopson's parents took out a million-dollar policy from Lloyd's of London -- a British insurance market that has insured everything from
Twenty-seven years later, Hopson cannot remember how much his family paid on the premium. But he remembered that he didn't initially know about obtaining insurance until discussing it with teammate
"You hear your name, and the
The policy never paid out. Hopson stayed healthy, and the
Hopson played professional basketball from 1987 to 2000, including five
When it comes to the prospect of turning pro, elite college athletes can and most likely will cover their assets. Because a blown-out knee, a shattered femur, or a series of concussions could cost a future
The attitude toward turning pro and any liabilities that could come before then, Hopson said, was different in 1986 than it is today.
"We probably thought a little different than what the kids think today," Hopson said. "I don't think we paid attention the way the kids do today."
After the
Conversely,
"I can understand having it in football, because it can be a violent sport," said Pearce, who spent 20 games with the Toledo Walleye and was recently recalled to
But Pearce understands the necessity of holding an insurance policy.
"Our livelihood is our bodies," Pearce said. "It's a great idea."
Supporting hand
In October, 1990, the
Student-athletes must apply through the
While the
The practice of insuring elite college athletes isn't a new one, but it's one that's picked up steam within the last 10 years.
In 2006, ESPN.com reported that at least four of
In January, hours after the start of classes at
Athletic department spokesmen at
While the younger Bradford injured his shoulder midway through the 2009 season, it was not deemed a career-ending injury, and the
As an insurance professional,
"For a professional athlete, a healthy body is a business asset, an asset that will help the athlete earn money," Bradford wrote in an email to The Blade. "A disability policy is a way for them to insure that asset."
But, Bradford added, the amount of insurance offered to a prospective professional athlete varies. An
"Most early first-round draft picks qualify for
A fallback plan
Richard "Big Daddy" Salgado founded
In the practice of providing coverage for college and professional athletes, Salgado said that only twice he has seen insured athletes suffer career-ending injuries, thus needing to cash in an insurance policy. Neither of them, Salgado said, were his clients.
Likewise, in 2011 an
That policy may not make up for the riches that are lost to a career-ending injury or illness but, Salgado explained, a payout could provide a nest egg for an athlete to take the next step in life.
"God forbid that something happens, but that doesn't mean you can't work or get a job," Salgado said.
Salgado, who played football at
"But once you get hurt and you can't come back, that's it," Salgado said. "You only get one crack at it. That's the advice I give people. You don't want to wake up to the day where you get hurt, knocked out or blow out an Achilles [tendon]. Nowadays, the medical advances are so much greater than when I played college football, but when you look at it, it's really such a small amount, a small number, to protect millions of dollars that could be in the future."
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