“I don’t like to lose at anything...Yet I’ve grown most not from victories, but setbacks. If winning is God’s reward, then losing is how he teaches us.”, said Serena Williams.
Winning and losing is not always in your hands. Playing sports as a part of your profession creates all the more relevance of it. Unlike others, you earn to make for a better livelihood, financial security, and luxuries not just for you but also for your family. But you as a sports person know the risks involved in your profession? A single injury in your life while playing can transform your life. Won’t that be the worst nightmare of your life?
In sports, injuries can leave you with permanent or partial disability. And that will not be it. You might have to leave your sport and that can bring deep financial insecurity in your life. Sounds scary? Right? Well, getting scared will not help. You cannot avert a mishap that is destined but you can make arrangements to deal with the situation afterward. Buy insurance policies to control the crisis because it is major money that helps you control the time of stress.
Here are the top 5 types of policies that an athlete or a sportsperson can buy.
1. Term Insurance
Term Insurance is a life insurance product that will offer you financial protection for a specific term. If by chance the policyholder dies before the end of the policy, the total amount of benefit will be transferred to the surviving beneficiary. It is in simple words an arrangement for financial security for your family if you die while playing matches.
- A term plan insurance is affordable.
- You can buy riders under it. For example, you can buy the rider of a critical illness which will provide you the sum assured under the policy after the diagnosis of the disease.
- Allows you to enhance the Sum Insured at the critical stages of life like when you are planning a family.
Read more: 4 things about term plan that you should not believe in
2. Life Insurance Policy
Understanding a simple fact, you must invest to buy a Life Insurance Policy. It will pay you at the time of death, accident, disability, and retirement after your sports career.
You know that human life lives with two risks: one is you die too soon leaving your family to suffer and the other is you live too long without family and money to help you. Both scenarios are weird and hopeless.
Being a sports person, buying a life insurance policy is essential for you to support your dependents in case of untimely death. The policy will always be financial support and help you manage financial exigencies.
- You remain financially independent when old.
- You can still manage your child’s education or marriage when you are not there.
- Life Insurance Policy can help you write-off loans if any.
Read more: Life Insurance FAQs
3. Car Insurance
Motor insurance or car insurance is also essential. You may be a sports person but that does not allow you to drive a vehicle without insurance and license. As an athlete, you must own an expensive car, the cost of repairs of which is also high. Every time you cannot spend the money from your savings when you have the facility to recover it from the insurer.
Provided the car insurance policy is in force and the amount of loss is less than the amount of Sum Insured. You must buy car insurance because that is a facility you buy to travel with comfort. Now if you hurt a third party individual while driving your car, you can request the insurer to compensate the injured party. The amount of compensation to be paid is sometimes beyond your paying capacity or too heavy for your savings. In such a case, you can manage the claim amount through the car insurance policy.
- Helps you recover the cost if there is damage to your car due to accident, theft, fire, natural disasters, riots, and terrorism.
- You can expand the coverage by paying an additional premium for Return-to-Invoice Cover, Breakdown Cover, Roadside Assistance Cover, Tyre Protection Cover, Consumable Cover, Zero Depreciation Cover, etc.
- Keeps your savings intact which you would have spent on the repairs in absence of the car insurance policy.
4. Health Insurance
Illnesses do not always alarm you when they knock. Who expected Corona would hit the world on this large scale? You do not prepare for expenses on illness but a health insurance policy can be a good way to save money for treatments.
Being an athlete, you spell dynamic energy and a dire urge to win. But any illness or disease can leave you in adversity both physically as well as financially. Having a health insurance policy will be wise for you to manage the huge medical bills in cases of planned as well as unforeseen hospitalization expenses.
- Saves you from unexpected expenses due to sudden illness. Pays you the amount for hospitalization, pre-hospitalization and post-hospitalization.
- Saves you from exponentially rising hospitalization expenses for critical illnesses.
- Covers for day-care procedures, ambulance charges, room charges, cost of medicines, besides much other stuff.
5. Property Insurance.
You can risk your life when alone but when it comes to your family, you would never want them to struggle without money and a home. When you play, it is not just your efforts but also of your family that compromise to support you.
You must acknowledge their efforts. The best way you could do it is to buy the property, other assets, and insurance. The last element is also very important because financial miseries can make your life hell. Any damage to your property(home or office) can be recovered through property insurance. Think if you sustain severe injuries while playing a basketball match that leaves you motionless and unconscious for months. It will impact the financial situation of your family because of the treatment required. Now if during that time your house gets damaged due to fire, the repairs can be recovered through the property insurance policy.
- Buying property insurance is beneficial because it helps you protect your home/office against risks of fire, theft, and weather damages.
- Property insurance can help you recover the cost for the damages that happened due to the earthquake provided you buy the additional covers.
- Property insurance is quite affordable.
- It provides you immense safety.
Insurance policies are a savior and it will always be. Choose to buy the policies before it is too late. But remember to compare the products you choose to buy.