When you take out life cover, you are making this investment for the benefit of others. 

While it is unlikely you will benefit from a payout yourself (but not impossible, more on this later), the idea that your family might have some financial relief after your death could motivate you to take out this form of protection. 

With a tax-free life insurance payout, your family could repay any debts you still owe, remain in their home, and perhaps continue the lifestyle you have helped provide them with.

You might be surprised to learn that in addition to this peace of mind, you might be able to enjoy surprising perks throughout the term of your cover. 

Whether you are provided with life insurance as part of your team contract, or have obtained it independently, these additional benefits could be sitting unused as the years go by. Benefits attached to your cover will vary, so to discover whether your cover includes the following perks, it may be prudent to contact your provider directly.

Here are three little-known benefits that could be included in your life insurance, and how they could help you over the coming years.

1. Private medical checkups

Some life cover contracts include added annual medical benefits that policyholders can use.

These might include private medical checkups, second opinions, and specific treatments. While you may already have private medical insurance through your contract, there is nothing wrong with making the most of this surplus “bank” of benefits if you want to.

Indeed, especially if you receive an injury or illness diagnosis, it could be advantageous to gain a second opinion. That way, you can make confident decisions about your training routine and career in the coming months and years. 

2. Mental health care

While the world of sport has become more open about the mental health of athletes over the last few years, seeking mental health care can still be a challenging first step to take for many.

According to research published by Athletes for Hope, 35% of professional athletes experience a “mental health crisis” at some point. You do not need to be “in crisis” to seek professional guidance; whatever is going on, big or small, mental health support can help.

Sadly, Priory Group research has revealed that 40% of men do not discuss their mental health with anyone, with 36% of study participants saying they “do not want to bother anyone”. Plus, Mind reports that 26% of women aged between 16 and 24 have mental health problems. 

Keeping your emotions locked away can have serious health consequences, though, so it is very important to seek mental health care if you need it.

Fortunately, some life insurance packages include counselling benefits. If you feel you could do with some support, checking out your policy paperwork could reveal that you have hours of unused therapy waiting to be taken up.

3. A terminal illness benefit

Perhaps one of the most reassuring features included in some life cover packages is a terminal illness benefit.

This feature can provide your life insurance payout early if you are diagnosed with an incurable disease that has a prognosis of 12 months or less. 

While this situation is unpleasant to consider, receiving an early payout could help you:

  • Pay funeral costs ahead of time
  • Cover any remaining debts, to take this financial weight off the shoulders of your family 
  • Create a plan for the future alongside your family, so their financial security is ensured at the time of your death.

Some life cover policies include all three of these benefits, and could even carry additional features not mentioned in this article. A financial planner can help you review your individual protection circumstances and talk about further options if you wish.

Having a bespoke package of protection could shield your wealth from the unexpected

Although pondering unthinkable events is not a pleasant experience, it is vital to consider the wellbeing of yourself and your family if a life-changing event occurred.

If you were to pass away suddenly or become critically ill and unable to continue your career, your financial situation may change significantly. A bespoke package of protection can help shield your wealth from these changes and prevent you from depleting your hard-earned savings too quickly. 

Being young and healthy, you may believe you do not yet need life or critical illness insurance. But according to Cancer Research UK, around 1 in 10 cancer cases between 2016 and 2018 existed in those aged between 24 and 49. While it is still rare to develop a serious illness or pass away suddenly at a young age, leaving the wellbeing of your family to chance could be unwise. 

We can help assess your individual circumstances, including your playing contract and any cover that comes with it, and discuss your protection plans for the future. 

Get in touch

If you have queries about protecting your family and your wealth in unexpected circumstances, then please do get in touch with us at DBL Asset Management.

Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.

Please note

This article is for information only. Please do not act based on anything you might read in this article. 

Note that protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse. Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.