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Should footballers take out life insurance ?

Should footballers take out life insurance?

The next few weeks sees the return of Champions League football, with Manchester United playing Copenhagen, Arsenal playing Seville on 25 October, followed by Newcastle vs Dortmund, Manchester City vs Young Boys and Celtic vs Athletico Madrid on 7 November. With football hitting the back pages once more, we’ve a topic that recently came up in conversation –  is there such a thing as life insurance for the pros? Now, we know what you’re thinking – “These guys are earning mega-bucks, why do they need life insurance?” Well, that’s precisely what we’re about to unravel.

Jack Grealish Lamborghini Urus

What is the average footballer’s income?

Let’s look at the weekly salaries of some of the UK’s most expensive footballers. According to, Jack Grealish is earning circa £300k a week at Manchester City, Raheem Sterling makes £325k a week at Chelsea and Erling Haaland is earning a whopping £375k a week at Manchester City (we dread to think what that adds to with his goal bonus!). But that pales in comparison to Kevin De Bruyne, who is receiving £400k per week at City. Of course, those footballer earnings may increase significantly once you take into account goal or win bonuses, as well as additional sponsorship revenue from brands such as Nike or Adidas. With these players earning so much money, do they really need to take out life insurance? Surely, they will have financial managers and business advisors who are paid to make sure that their families have long-term financial security. Well, premier league stars may be earning a fortune, but those players in the lower leagues or semi-professional players won’t be making anywhere near those sums. In fact, the average footballer’s income in the National League stands at approximately £1,000-£1,500 per week. Even the Lionesses aren’t making huge footballer salaries, despite being European champions and World Cup finalists! Currently, the average WSL footballer salary remains at £25,000 to £27,000 per year, which is why the women’s team had a  with the FA over salary and pay structures.

Why footballers (amateur or pro) should protect their loved ones

To understand why a footballer may wish to take out a life insurance plan, it’s essential to consider how life insurance works. Simply put a life insurance policy works by paying a premium each month (or year) for an agreed amount of time. Some people choose to pay for a specific period, e.g. 30 years (which is known as a term policy), while others prefer to pay for the rest of their lives (a whole life policy). If you pass away or are diagnosed with a terminal illness while the policy is active, you will receive a payout.

Why do footballers need life insurance?

We believe that everyone should take out life insurance to provide financial security for your family. In the event of your death, it can provide a settlement which can be used to pay your mortgage and your loved ones remain in their home if something were to happen to you. It can be used to pay off debts, pay for your children’s education, or even leave an inheritance to a loved one. So why is this so relevant for footballers?Well, to start, it can help with estate planning. Often, footballers are likely to have significant assets and income. With this in mind, footballers should periodically consider the future of their estate. Life insurance can be a valuable tool to address estate planning and minimise the potential financial burdens associated with inheritance tax. If you want life insurance to be for inheritance purposes, arranging for the settlement to be put in trust will safeguard that payment. Life insurance can also protect your business ventures. Often, footballers will be encouraged to invest in businesses, property, or other ventures outside the world of sports. Life insurance can help safeguard these investments and ensure the continuity of these business interests after you are gone. If other people (outside of your family) rely on those businesses for their income and livelihoods, then taking out life insurance could be valuable to ensure those companies remain viable. A life insurance settlement can pay off any remaining debts. Footballers may have mortgages, loans, or other financial obligations that need to be settled in the event of their passing. You need to have plans in place to pay off those debts, even if you were to pass away. For example, if you’ve taken out a car financing agreement on a high-end luxury sports car, that would still need to be repaid. Similarly, an expensive mortgage would have to be repaid. Your family might not have the means to pay those debts, so they could be faced with selling their home simply to avoid defaulting on the mortgage. Life insurance can help cover these debts and prevent them from becoming a burden on their family.

Even if football is just a hobby, you should consider life insurance

You might be used to facing opponents on the pitch, but you should also be prepared to face life’s uncertainties with life insurance cover. It doesn’t matter whether you’re a professional Premier League player or someone who enjoys a social kick-around with your mates. Taking out life insurance is one of the best ways that you can financially provide for your family. The good news is that if you’re a footballer, you’re likely to be in good health. That means that your premiums will be lower, and you can benefit from an affordable life plan. If you are looking for a footballer’s life insurance policy, please talk to us. This is something that The Insurance Surgery specialise in. We have access to insurance products across the entire market which means we can arrange cover specifically suited to the needs you and your family. In a world where footballers are idolised, responsible financial planning, including life insurance, is one of the unsung heroes behind the scenes, ensuring that life remains beautiful for everyone involved.
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