Income Protection While Playing Sport

Participating in sports can be a great way to stay fit, healthy, and active. However, it’s important to consider the potential risks associated with playing sports, including the risk of injury that could prevent you from working and earning an income. That’s where income protection insurance comes in, providing peace of mind and financial security in case of unexpected accidents or injuries.

When it comes to sports, some insurers may offer to either exclude any claims that arise from time off work due to an injury or illness you sustain playing these sports or pay an additional premium to have this included in your policy. This is because some sports are considered to be higher risk than others, and insurers may be more cautious about providing coverage for these activities.

Let’s take a look at some of the most popular sports in Australia, and what you need to know about obtaining income protection while playing them.

Football:

Football is a popular sport in Australia, played at both amateur and professional levels. While the risk of injury is relatively high in football, some insurers may still provide coverage for players. However, you may need to pay an additional premium to have coverage for injuries sustained while playing football.

Rugby League:

Rugby League is a high-contact sport, with players at risk of injury from tackles, collisions, and falls. As a result, some insurers may exclude any claims that arise from time off work due to playing rugby league, or charge an additional premium to include coverage for injuries sustained while playing.

Rugby Union:

Rugby Union is similar to Rugby League in terms of the risk of injury, with players at risk of injury from high-impact tackles and collisions. Again, some insurers may exclude coverage for injuries sustained while playing Rugby Union, or charge an additional premium to include this coverage in your policy.

AFL:

Australian Rules Football (AFL) is another popular sport in Australia, with a high risk of injury from contact with other players and falls. As with other contact sports, some insurers may exclude coverage for injuries sustained while playing AFL, or charge an additional premium to include this coverage in your policy.

Soccer:

Soccer is a popular non-contact sport, but injuries can still occur from falls, collisions, and overuse injuries. Some insurers may provide coverage for injuries sustained while playing soccer as part of their standard policies, while others may charge an additional premium for this coverage.

Cricket:

Cricket is a popular sport in Australia, with a lower risk of injury than some of the other sports on this list. However, injuries can still occur from falls, collisions, and overuse injuries. Some insurers may provide coverage for injuries sustained while playing cricket as part of their standard policies, while others may charge an additional premium for this coverage.

When obtaining income protection insurance while playing sports, it’s important to read the policy carefully and understand what is and isn’t covered. If you are an avid sports player, it may be worth considering a policy that includes coverage for injuries sustained while playing sports, even if this means paying an additional premium.

It’s also worth considering the amount of coverage you need, and how long you want the coverage to last. Income protection insurance can provide coverage for a period of time while you are unable to work due to an injury or illness, but the length of coverage can vary depending on the policy. It is important to understand that many popular sports are not considered to be ‘risky’ and therefore

Finally, it’s important to disclose any pre-existing medical conditions when applying for income protection insurance, as this can affect your ability to make a claim if you are injured while playing sports.

In conclusion, obtaining income protection insurance while playing sports can provide peace of mind and financial security in case of unexpected accidents or injuries. While some insurers may exclude coverage for injuries sustained while playing sports or charge an additional premium, it’s worth considering a policy that includes this coverage if you are an avid sports player.

General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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