Amateur Footballers protecting their Income!!!

[Haynzy]

I currently play amateur football and am also a Financial Adviser who specialises in risk protection, which includes income protection. I have done a fair bit of work with my close mates making sure that they still have income if they get injured playing football.

I have noticed that there are a large number of amateur footballers out there that work in various trades that rely on them being healthy and fit to perform their jobs and get paid so something as simple as a broken ankle can throw their financial situation into complete turmoil struggling to pay debts etc.

I think that it is crazy for anyone playing a contact sport not to have a good income protection policy so am thinking about getting more involved in the sporting community, which includes current talks about sponsoring the footy budget next year to try and dispel some of the myths and misconceptions around this. I can also help people find a good product without being locked down by particular providers like you will find if you go to a bank.

I wanted to post this to get peoples thoughts as to why they have it or why they don't and even find out from any one involved in the management of a club as to what information they give their players around this.

[Q.]

Health Insurance + Income Protection. Wouldn't play footy without them.

My IP is with AMP. About $70/month with zero day wait for accident cover and 90 day wait for illnesses.

Best mate is a sparky, broke his big toe this year and couldn't work for six weeks. His income protection covered him for the entire period.

[Haynzy]

I'm licensed by AMP, so know the product well.

I think the accident option is definitely worth the extra money.

A good policy will also pay out if you break an important bone from day one. Even if you can still work.

[Yank Man]

I'm licensed by AMP, so know the product well.

I think the accident option is definitely worth the extra money.

A good policy will also pay out if you break an important bone from day one. Even if you can still work.

We would definately like some info Haynzy. We have had a broken collarbone, a broken jaw, a fractured hand and a knee reco this year alone. All those guys are tradies and are poorly covered so it has been a big talking point at MP.

[Mr Beefy]

Haynzy, whats your assessment of the Income Protection offered by the AFL (JLT) as an add-on to the mandatory club insurance?

[Jabber]

Its a no-brainer to get income protection isn't it?

[Lightning McQueen]

Haynzy, whats your assessment of the Income Protection offered by the AFL (JLT) as an add-on to the mandatory club insurance?

The JLT cricket insurance is utter crap, they haven't even had the decency to respond to a claim made about 5 months ago which was within their guidelines.
I'm pretty sure they've declined about half a dozen legitimate claims made through the PDCA and have processed none.
Our club is refusing to be covered by them this coming season.

[Haynzy]

I'm licensed by AMP, so know the product well.

I think the accident option is definitely worth the extra money.

A good policy will also pay out if you break an important bone from day one. Even if you can still work.

We would definately like some info Haynzy. We have had a broken collarbone, a broken jaw, a fractured hand and a knee reco this year alone. All those guys are tradies and are poorly covered so it has been a big talking point at MP.

Happy to give you any information you require Yank Man. You could give anybody down at MP my details and I would be happy to discuss one on one, or give a talk at club level if there was enough interest.

Haynzy, whats your assessment of the Income Protection offered by the AFL (JLT) as an add-on to the mandatory club insurance?

The JLT cricket insurance is utter crap, they haven't even had the decency to respond to a claim made about 5 months ago which was within their guidelines.
I'm pretty sure they've declined about half a dozen legitimate claims made through the PDCA and have processed none.
Our club is refusing to be covered by them this coming season.

I'm not an expert on the JLT cover by any means, but from what I understand is that it is quite narrow and restrictive when taking into account the cost to the club (which would need to be passed onto the players). It only covers injury from sport so isn't a replacement for normal income protection. It's a shame that you can't have this cover for those who choose not to get a proper income protection policy only. By getting a Club wide policy like this, you are paying for those that don't need the cover because they have a personal policy.
I put it in the same category as mortgage protection. It's ok if there is nothing else available but is not a replacement for income protection.

[Haynzy]

Haynzy, whats your assessment of the Income Protection offered by the AFL (JLT) as an add-on to the mandatory club insurance?

The JLT cricket insurance is utter crap, they haven't even had the decency to respond to a claim made about 5 months ago which was within their guidelines.
I'm pretty sure they've declined about half a dozen legitimate claims made through the PDCA and have processed none.
Our club is refusing to be covered by them this coming season.

The insurance company's that I like to use focus on customer service for this reason. They also only decline to pay out if there is a good legitimate reason (eg someone blatantly lying on the application) otherwise why would anyone use them. What you stated above is just bad business by JLT.

[Lightning McQueen]

Haynzy, whats your assessment of the Income Protection offered by the AFL (JLT) as an add-on to the mandatory club insurance?

The JLT cricket insurance is utter crap, they haven't even had the decency to respond to a claim made about 5 months ago which was within their guidelines.
I'm pretty sure they've declined about half a dozen legitimate claims made through the PDCA and have processed none.
Our club is refusing to be covered by them this coming season.

The insurance company's that I like to use focus on customer service for this reason. They also only decline to pay out if there is a good legitimate reason (eg someone blatantly lying on the application) otherwise why would anyone use them. What you stated above is just bad business by JLT.

We had someone tear the bi-cep off of the bone playing a pull shot, we done everything they asked and they claimed to cover the initial consultation (most are bulk-billed anyway) and physio/ rehab costs.
No reply from them whatsoever.
I've heard of other ones from within the PDCA that have left a bad taste in a few clubs mouths, you pay enough to cover these things and use them rarely, you'd expect them to be at least followed up.

[Mythical Creature]

Haynzy, whats your assessment of the Income Protection offered by the AFL (JLT) as an add-on to the mandatory club insurance?

The JLT cricket insurance is utter crap, they haven't even had the decency to respond to a claim made about 5 months ago which was within their guidelines.
I'm pretty sure they've declined about half a dozen legitimate claims made through the PDCA and have processed none.
Our club is refusing to be covered by them this coming season.

The insurance company's that I like to use focus on customer service for this reason. They also only decline to pay out if there is a good legitimate reason (eg someone blatantly lying on the application) otherwise why would anyone use them. What you stated above is just bad business by JLT.

We had someone tear the bi-cep off of the bone playing a pull shot, we done everything they asked and they claimed to cover the initial consultation (most are bulk-billed anyway) and physio/ rehab costs.
No reply from them whatsoever.
I've heard of other ones from within the PDCA that have left a bad taste in a few clubs mouths, you pay enough to cover these things and use them rarely, you'd expect them to be at least followed up.

From my understanding JLT pay for 50% out of pocket physio costs excluding the first $100 and up to $300. Eg, $450 of out of pocket physio JLT will pay $175
Also help to pay half of the ambulance bill. I don't know much about their IP policies.

Like everyone else I have no idea why people would choose to play footy (or any sport) with no protection of their biggest asset.
Mine has a payout benefit until age 65 which means if I couldn't work again for the rest of my life I will be paid until I turn 65. On whats called level premiums so the price doesn't go up each year!

[KEYDEFENDER]

Since the majority of amatuer players claim their match payments on their group certificate, are they then able to use their super fund to access better insurance? Just a thought

[Haynzy]

Since the majority of amatuer players claim their match payments on their group certificate, are they then able to use their super fund to access better insurance? Just a thought

Whether you are claiming your match payments for tax or not, you can still use your superannuation for life insurance, which includes Death Cover, Total & Permanent Disability Cover and Income Protection.

Income Protection under Super is typically a simpler policy without all the bells and whistles so you usually make the decision on where you put it based on the features you want and and budget constraints.

Using super can be a good way to cover yourself without affecting your short term cash flow. Not a good long term plan though because you won't have much to retire on and therefore want to put some of your own money in super eventually.

[Haynzy]

Like everyone else I have no idea why people would choose to play footy (or any sport) with no protection of their biggest asset.
Mine has a payout benefit until age 65 which means if I couldn't work again for the rest of my life I will be paid until I turn 65. On whats called level premiums so the price doesn't go up each year!

This is a good policy. If started young, Level premiums are a great way to ensure you can still afford your cover when you are older and more likely to claim.

[playon]

think about it how many people have car insurance, probably what 90% of people or a very very high amount, we insure our cars which are worth a small amount, but most of us dont have life or protection insurance, its a no brainer, u insure your car why not insure yourself the most important income provider!

[Haynzy]

think about it how many people have car insurance, probably what 90% of people or a very very high amount, we insure our cars which are worth a small amount, but most of us dont have life or protection insurance, its a no brainer, u insure your car why not insure yourself the most important income provider!

That's actually something I tell a lot of my clients when discussing life insurance. It seems crazy to me.

[Haynzy]

Young guy from Central United broke his leg severely on the weekend. Kinda show's the importance of what I'm trying to get out there.

[Lightning McQueen]

Young guy from Central United broke his leg severely on the weekend. Kinda show's the importance of what I'm trying to get out there.

I get to about half a dozen games a weekend, after seeing some of the shit I've witnessed recently I can't believe how I managed to dodge a few bullets over the years.

I only managed to snap my collarbone twice, dislocate my elbow and a few fingers, break a couple of ribs, broke an ankle and plenty of torn hammies. Pretty fortunate really.

[Lightning McQueen]

Young guy from Central United broke his leg severely on the weekend. Kinda show's the importance of what I'm trying to get out there.

I get to about half a dozen games a weekend, after seeing some of the shit I've witnessed recently I can't believe how I managed to dodge a few bullets over the years.

I only managed to snap my collarbone twice, dislocate my elbow and a few fingers, break a couple of ribs, broke an ankle and plenty of torn hammies. Pretty fortunate really.

Oops, a compound fracture of a finger but that was at training, looked good though.

[Executive Member]

Young guy from Central United broke his leg severely on the weekend. Kinda show's the importance of what I'm trying to get out there.

I get to about half a dozen games a weekend, after seeing some of the shit I've witnessed recently I can't believe how I managed to dodge a few bullets over the years.

I only managed to snap my collarbone twice, dislocate my elbow and a few fingers, break a couple of ribs, broke an ankle and plenty of torn hammies. Pretty fortunate really.

Oops, a compound fracture of a finger but that was at training, looked good though.

Care Bear