Financial planning for athletes: What you need to know
As a professional athlete, and with Athletes Helping Athletes, you know the importance of hard work and planning for your future goals. It’s important to set yourself and your family up for financial stability now so you can live comfortably as you get older. Investing in insurance and other financial services is the right move to prepare yourself for the future. There are a number of key financial planning and insurance products that athletes should be aware of – here’s what you should know before you get started.
Although it can be uncomfortable to think about, it’s important to make sure your family is financially stable in the event of your death. The best way to do this is with a good life insurance policy. As an athlete in good health, you can qualify for an affordable life insurance policy with low monthly payments. Life insurance can pay for things like funeral costs, debt repayment, and financial support for your family after your passing.
As an athlete, you likely already know the importance of having great health insurance. If you get sick or injured, you want to feel totally confident that you can get the medical care you need without spending too much money. If you work for yourself, you can purchase individual health insurance for you and your family. If you run a business, you can purchase group health insurance to provide reliable coverage for your employees. Both options give you the peace of mind you need for everything from routine physicals to emergency hospital visits.
When you’re young and healthy, you’re probably not thinking about the possibility of needing long-term health care. However, now is the right time to consider long-term care insurance. Older adults often need ongoing health care and daily support, whether that’s in a nursing home or from an individual caregiver. This can be expensive, but long-term care insurance is one of the best ways to financially prepare yourself now. By investing in long-term care insurance, you and your family can confidently make the best decisions for your needs as you get older, without any added financial stress.
Disability insurance goes hand-in-hand with long-term care insurance – it’s not something you’d anticipate needing now, but you’ll be happy to have it in the event that you require ongoing disability care. One injury or illness can dramatically change your life, and with the exorbitant costs of healthcare services right now, it’s important to make sure you’re prepared. A reliable disability insurance plan is a good investment in your family’s financial stability and peace of mind in the future.
You’ve already experienced success as an athlete – with Athletes Helping Athletes and @thelab247, now it’s time to start planning for your family’s financial success. LAB 24/7 is a unique organization that specializes in insurance and other financial planning tools for professional and semi-pro athletes. We’re familiar with the specific challenges that you face as an athlete and are here to help guide you to financial success. Contact us today to learn more about how we can help.