We continue our blog series about strangest types of insurance and this week we want to tell you about Athlete Loss-of-Value Insurance.
Athlete Loss-of-Value Insurance has been around for several decades, but it gained popularity in the late 1990s and early 2000s.
The first athlete to purchase a Loss-of-Value Insurance policy was basketball player Michael Jordan in 1991. Jordan purchased the policy to protect himself against any future injuries that could have a significant impact on his earning potential.
However, it wasn’t until the late 1990s that other professional athletes started to take notice of the benefits of Loss-of-Value Insurance. In 1997, quarterback Drew Bledsoe became the first NFL player to purchase this type of insurance policy. Bledsoe’s policy protected him from a potential loss of income due to a career-ending injury or illness.
Since then, many other professional athletes have purchased Loss of Value Insurance policies, including baseball player Alex Rodriguez, golfer Tiger Woods, and football players Peyton Manning and Tom Brady.
The popularity of Athlete Loss-of-Value Insurance has grown in recent years, as the value of athlete contracts and endorsement deals has continued to rise. As a result, insurers have started to offer more customized and flexible policies that can be tailored to the specific needs of individual athletes.
Overall, Athlete Loss-of-Value Insurance has become an important tool for professional athletes to protect their future earning potential in the event of an unforeseen injury or illness.
