Different Types Of Financial Protection For Extreme Sports
Male climber on overhanging rock against beautiful view of coast below
If you are someone who enjoys the thrill of participating in extreme sports, you will know that the cause of the thrill is adrenaline is pumped around the body, stimulated through an activity that puts stress on the body. Skydiving and snowboarding are amongst a long list of extreme sports that definitely fall into the category of causing stress. Generally, extreme sports come with either height, distances, or speeds that can drastically increase the risk and severity of injuries that can be incurred, therefore, having the right financial protection is essential for peace of mind knowing that you, your family, and your assets are protected should the worst happen.
What Are The Different Types Of Financial Protection?
Although it isn’t nice having to think about becoming too ill or injured to work, considering the ‘what if’ is essential if you want to ensure you have financial security in the event of an accident. There are three main types of financial protection you may want to take into consideration if you want to protect yourself financially. These include life insurance, critical illness coverage, and income protection.
Life Insurance
Life insurance, also known as life assurance or life cover is a type of policy that protects your loved ones through financial support if you die. Life insurance is important, particularly when you regularly participate in a high-risk sport because it can help to minimize the financial impact that your death could have on your family. It also gives you peace of mind knowing that your loved ones are protected should the worst happen.
Critical Illness Cover
Another form of financial protection you may consider that supports you financially if you are diagnosed with one of the conditions included in the policy is critical illness coverage. This will give you a tax-free, payment should you suffer from a condition that prevents you from being able to work. It can help pay for treatment, mortgage or rent payments, and even changes to your home such as wheelchair access should you need it.
Income Protection
If you participate in extreme sports, another form of insurance you might consider is income protection. This is here to help you stay on top of essential outgoings such as rent or a mortgage if you lost income due to an accident or illness. This type of financial protection is a long-term insurance policy that ensures you will get a regular income until you retire or are able to return to work.
Overview
When you regularly participate in extreme sports, the risk of injury or death is higher meaning a standard insurance plan might not give you all the coverage you need. It is best to get in touch with an insurance specialist like Sports Financial Services to get further advice on this. They will be able to advise you which insurance policy best suits your needs and gives you the right level of financial protection.
Pranab Bhandari is an Editor of the Financial Blog “Financebuzz”. Apart from writing informative financial articles for his blog, he is a regular contributor to many national and international publications namely Tweak Your Biz, Growth Rocks ETC.
