Life insurance for athletes [2024]

There are a variety of insurers and policies that could be available to protect the needs and lifestyles of sports professionals.

Despite the fact that professional athletes often participate in activities that could have a higher risk of injury or accidents, compared to other careers, it doesn't necessarily mean that you’ll have to pay higher premiums.

In some cases, professional athletes have the potential to earn a higher income and if they were to pass away, life insurance could help their loved ones to take care of any ongoing expenses.

Each insurer is different, so when it comes to finding a suitable policy as an athlete, it’s important to explore the market and compare quotes.

Take care of your family's financial security by getting life insurance today through our award-winning fee-free comparison service.

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Can athletes get life insurance?

Yes, athletes could get life insurance cover, however premiums and eligibility may vary depending on factors such as the type of sport you participate in and your overall health and lifestyle.

Some Insurers may not consider all athletes as high risk, but obtaining certain types of cover, like income protection, can sometimes pose as a risk.

Different insurers will have varying terms and conditions on different sports and what they deem as high risk, however sports that don’t include frequent travel across the globe and contact may not affect your premiums at all (e.g. running, cycling, tennis, swimming).

If your sport doesn't fall under the category of 'extreme sports', you may pay a standard premium cost (as long as you don't have any pre-existing medical conditions or other factors that could impact cost).

What is the best life insurance for athletes?

There isn’t a specific ‘best’ life insurance for athletes, it will depend more on your personal circumstances and what you are looking to cover. However, listed are some suitable options for athletes:

Level term life insurance

A type of life insurance that provides coverage for a specific period of time (the term) and pays out a fixed amount If you pass away during this time.

Decreasing term life insurance

A type of life insurance, that provides coverage for a specific period of time, where the coverage amount decreases over time and pays out if you pass away in the set term.

Over 50s life insurance

A policy which offers guaranteed acceptance policy to UK residents aged between 50 - 85 that does not require medical / lifestyle information in the application (other than your smoking status).

Whole of life insurance

A policy that last for your entire life and offers a pay out when you pass away ,not if, this is typically a more expensive option if your premiums are inflated due to a high risk occupation. 

Reassured and our advised team can compare life insurance quotes from a variety of leading UK insurers, as well as specialist insurers who cater for those who may struggle to secure a standard policy.

How much life insurance does an athlete need?

By entering your current and future financial commitments into the required fields, you will be supplied with a calculation of how much life insurance you may need:

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Is an athlete considered a high risk occupation?

This will depend on what sport you take part in.

Participating in some sports, whether for occupational purposes or personal pleasure could increase the chances of accidents occurring and would be considered high risk activities.

Life insurance companies assess risk factors when determining eligibility, from participation in high risk activities like extreme sports or contact sports which can lead to higher premiums.

Examples of high risk activities include, but aren’t limited to:

Engaging frequently in these sports increases the chances of injury and risk, which is why insurance companies might charge higher premiums or refuse your application.

When applying for a policy it's crucial to mention any involvement in such activities. Otherwise, you face the risk of loved ones not receiving a pay out due to non-disclosure.

You may still be able to secure life insurance, an expert at Reassured can help review your circumstance and help find a suitable policy.

What will I be asked when applying for life insurance as an athlete?

When applying for life insurance you will be asked about a variety of factors that may affect your premiums or eligibility for life insurance.

Whether you’re an athlete as your occupation or hobby, you may be asked further questions about your career / lifestyle. For example you may be asked questions such as:

  • What level you compete at?
  • Which sport do you play?
  • Are you professional, if so, are you full time or part time?
  • Do you have any pre-existing health issues?

You will also be asked about:

  • Age
  • Weight (BMI)
  • Smoking status
  • General health & wellbeing
  • Medical history

Insurers will use this information to determine if you’re a high risk applicant or not, which may result in them asking you more questions to understand your situation.

Your monthly premium will also be influenced by the type of cover and the sum assured you choose.

Can I get income protection as an athlete?

Yes, as an athlete, you could get income protection insurance to help protect your earnings in case you’re unable to work due to injury or illness.

However, your eligibility and cost of income protection insurance for athletes may vary depending on the type of sport you participate in and the level of risk involved.

Income protection is a type of life cover that could pay out up to 70% of your monthly income to help support you while you’re unable to work (if you’re injured or have an illness).

When taking out a policy it’s likely that any injuries that are likely to occur as a result of taking part in your sport will be excluded. This means you won’t be able to claim for these reasons.

Reassured's advised team offer a whole of market comparison for income protection, allowing you to explore all the available options and make a well-informed decision.

FAQs

Why do I need life insurance as an athlete?

Securing life insurance allows your loved ones to be financially stable and handle any remaining debts and payments when you’re no longer around.

This can include helping to cover:

  • Funeral costs
  • Childcare / future education costs
  • Mortgage or rent payments
  • Living expenses
  • An inheritance

Why not contact one of our friendly professionals to help you secure your perfect policy.

Can I get critical illness cover as an athlete?

Yes, you can typically get critical illness cover as an athlete to provide financial protection in case you’re diagnosed with a serious illness (covered by the policy).

It offers a lump sum payment to help with medical costs, income loss and other financial difficulties. Its main purpose is to provide reassurance and financial assistance during a challenging situation.

Just like income protection insurance, the cost and accessibility of critical illness cover for athletes can differ based on the sport you participate in and the associated risks.

For an additional cost, you can add critical illness cover to most of our life insurance policies through Reassured.

How to secure life insurance as an athlete

Now that you are aware it could be possible to secure life insurance as an athlete, possibly without any impact on your premiums, why not reach out to a friendly expert to discover your options?

Securing life insurance offers you peace of mind that your loved ones will be protected if the worst were to happen to you, especially if the sport you regularly participate in could leave you at risk.

It’s quick and simple to secure, simply get in touch today and explore our fee free personalised quotes, with no-obligation.

At Reassured, our award winning team can help you throughout the entire application, alternatively you could apply by using our online comparison service.

A financially secure future for your loved ones is only a click away, why not start your life cover journey today?

Get Life Cover Today »

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