When doing a needs analysis for life insurance, one of the most critical factors is replacement of income. Normally when we think about replacement of income we are looking at what it would take to replace $25,000 or $100,000 a year. In the case of pro athletes, with income often ranging from $500,000 to millions per year, the need for substantial life insurance is paramount.

I know here in Colorado the Denver Broncos have lost two football players to untimely deaths in the past year with the shooting of Darrent Williams and the apparent cardiac death of Damien Nash after playing in a charity basketball game. Both of these athletes were in their 20’s and highly paid. Both had bright and long careers ahead of them.

It happens all the time, whether it’s an actual sports or training related death, or, just like your average person, an untimely death due to health issues or an accident. The big difference is the size of the lost income. It is the size of the policy that it takes to replace lost income that is the challenge. When you start looking at life insurance policies in the $25,000,000 to $50,000,000 range, you had better have the right independent agent working for you.

I know it’s all relative. If someone is used to living off of $50,000 a year, or $1,000,000 a year, the loss of the income is makes it virtually impossible for those left behind to continue on with a lifestyle they are used to.

Where there is a need, there is generally a person or team to meet those needs. Whether it is income replacement for an accountant with diabetes, or income replacement for a professional baseball player or football player, the combined experience that I have with Rich Fuller can provide the right products as well as any agency in the country.

This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.