Published on August 15th 2022
There’s a high need for extreme sports athletes to have their insurance. As a fan, you witness them compete and do amazing tricks during their games, but it puts them at many risks for the athletes.
Having insurance could benefit not only the athletes but their equipment. For instance, your bike was severely damaged during a motorbike race and needed fixing. You wouldn’t worry much about how to get it fixed because you could get an insurance plan that could cover this kind of repair.
No matter how hard an athlete trains for extreme sports, if they are not financially secured through insurance, all the efforts exerted to improve could go to waste. Also, being an athlete in extreme sports makes you prone to accidents and injuries. Not to mention, accidents could happen anytime and anywhere, even during training. Sometimes, it requires a huge amount of money to provide them with the medical attention they need.
In that case, here are five types of insurance an athlete should check on to help them during their careers.
Hospitalization could cost you a lot of money. When you don’t have savings, it might even put you in debt. Although being an athlete could help you make money if you win during your competitions, it does not always guarantee that your team could pay for your medical expenses if you have an injury or fail.
Also, not all illnesses show symptoms if they’re present. For instance, the COVID-19 virus was something that has made a huge impact on everyone’s lives. Too huge that not all people were able to survive and fight against the virus. A medical insurance policy could help you save money specifically for unexpected health-related issues.
You wouldn’t have to worry about your bills whenever there comes an unexpected hospitalization need. In this sense, as an athlete, check the coverage of the health insurance provided to you, and if there are services you need, like a dental or vision plan, you could buy secondary medical insurance to help cover the gaps not covered in your typical health plan.
Student-Athlete Disability Insurance
If you’re still a student participating in extreme sports activities, you have a lot of things on your plate. You have to balance your academics and your extra-curricular activities all at once. If something terrible happens to you, it could be problematic if you are not financially prepared.
A student-athlete could experience an injury at any time. In some cases, it’s the reason why some athletes fail to compete during competitions. As a result, they may lose a chance of earning a significant amount of money. Thus, this insurance plan is essential to all student-athletes as it protects you if you experience either a temporary or a permanent injury that makes you unfit to participate in sports activities.
Permanent Total Disability Insurance
Since extreme sports are highly risky, there’s a possibility that they could cause an athlete to have a permanent disability. Thus, all professional athletes should be assured a disability safety net to compensate for the risk they face during their careers.
Purchasing this type of insurance plan provides help to athletes who become injured with nearly zero chance of improvement, causing them to be permanently disabled to find work or engage in a full-time job. It helps an athlete to feel at ease with the thought that if they get severely hurt, they would still be able to protect their financial health and future.
If you’re looking for an affordable option, term insurance is a good idea. It’s a type of life insurance that offers financial protection for a defined time to your family members. But, check if you could be eligible to buy this kind of insurance as typically, it requires that you’re at least 18 years old.
Eighteen years old is a good age to start investing in term insurance because you can already pay your contributions and secure your loved ones early. Also, it’s an excellent time to plan for what you want for your family as you are already the legal age.
Availability of this kind of insurance will benefit you because in the worst-case scenario that the policyholder meets an accident during competitions or matches, your family will be the beneficiary of your investment. In this sense, you wouldn’t think much about how your family will survive without you because you have left them with a good legacy.
Extreme Sports Travel Insurance
For those adventurous travelers, having this insurance plan can protect you when things go wrong on your flight—for instance, flight cancellation, trip interruption, delayed departure, and other instances beyond your control.
Also, medical emergencies are covered in this insurance plan. Thus, it’s an excellent option for adventurous athletes living at the edge of life. Don’t forget to check the covered countries when you apply for travel insurance since, typically, not all extreme activities are covered by specific plans in a particular country. It’s always best to check which travel insurance plan is best for you.
An insurance plan might not be something you need right now, but you will appreciate it once you have seen the fruits of your investment and when you are in a difficult situation. Being a daredevil puts you at many risks, giving you more reasons why having insurance matters. Also, it allows you to have financial security. Thus, consider getting one now so you won’t have to worry much about what the future holds that are typically out of your control.