Student Athlete Disability Insurance
Draft Protection Insurance
A student athlete, playing at the college or even high school level has a lot riding on the ability to play his or her sport. Dreams of future professional careers and signing bonuses can come crumbling down in a split second because of an injury on or off the field. For cases like this, KROST Wealth, in partnership with Lloyds of London, offers Draft Protection Disability insurance. This plan can be purchased by a student athlete who shows professional potential. In the event of a career ending injury or permanent total disablement, this plan will protect the student against a loss of future earnings as a professional athlete.
For a student athlete, disability insurance guarantees that an injury will not cause future fiscal losses. A third-party scout will assess the student athlete and determine whether or not he or she demonstrates professional potential. Lloyds of London’s sports underwriters will then establish the insured’s benefit amount. The maximum benefit amount that a player can qualify for is based on where he/she is projected to be drafted and how much that position has signed for in previous year’s drafts. In the unfortunate event that the insured does become disabled, the benefit will be paid as a one-time, tax-free, lump sum.