Sun Life Financial of Canada (SLFoC) has launched a new life assurance plan aimed at football and ru...
Sun Life Financial of Canada (SLFoC) has launched a new life assurance plan aimed at football and rugby clubs. Cover is available to UK football clubs in the Premier, first, second and third divisions, as well as Premiership rugby teams.
The plan enables football and rugby clubs to cover the cost of replacing one of their squad in the event of death. The club pays a premium to cover the lives of their players under a group policy scheme, with each player insured for a different amount. In the event of death, SLFoC will pay out a lump sum for the player within 48 hours. The club can then choose to spend the money as they wish.
Bob Bowskill, underwriting and affinities director at SLFoC Group Insurance, explained: 'There is always a likelihood that a footballer may die at some point. With huge sums being paid for footballers, this would leave a club in dire straits. If you look at the £30m transfer of Rio Ferdinand, the financial implications for his new club would be severe if he died suddenly.'
Where more than one player died, the lump sum paid out would be for the value of the highest insured player ' not for all the players lost. A club is not guaranteed the full value of the player in the event of their death ' it depends on how much the club covered themselves and their players for.