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Frequent Questions — 2010

The Schwartz & Feinsod FAQ section contains a comprehensive listing of common questions that our athletes bring to us. To download additional information from the NCAA on having a career in professional athletics, click here. If you have additional comments or questions for the staff, please feel free to contact us.

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Question:

What is disability insurance?

Disability insurance is an insurance policy that provides financial protection against the loss of future earnings as a professional athlete due to a disabling injury.

There are two types of disability insurance: (1) permanent total disability, which pays benefits when an athlete suffers total disability during the policy term; and he/she will not be able to participate ever again (unless the policy specifies a shorter period of time) in his/her sport; and (2) temporary total disability, which pays benefits when an athlete suffers total disability during the policy term and he/she is not able to participate in his/her sport at the time of the designated medical evaluation.

Question:

Can I obtain disability insurance while in college?

Individuals who qualify for disability insurance are those who realistically anticipate receiving a substantial amount of money as professional athletes due to their present market value as future professionals.

Question:

Who do I talk to about disability insurance?

You should contact your institution's professional sports counseling panel, athletics director or the NCAA for information on disability insurance. There are only a few companies that provide this type of insurance for athletes; however, there are numerous insurance brokers/agents who can sell the disability coverage. The NCAA also sponsors a disability insurance program for elite student-athletes in specific sports.

For more information on NCAA disability insurance select the following:

Student-Athlete Insurance Programs

Question:

What is a financial advisor?

A financial advisor is an expert in the field of finance, taxes, investments and law.

Question:

Should I hire a financial advisor if I decide to pursue a professional sports career?

It is your decision whether or not you hire a financial advisor; however, be cautious when doing so. If you decide to hire a financial advisor or sports agent, consider the following:

a. All agreements between you and the advisor/agent should be in writing, but before signing an agreement, have an independent attorney review it to make sure it says what it is supposed to say.

b. Make sure the advisor/agent documents and explains his/her financial management and investment philosophies and strategies.

c. Make sure the advisor/agent agrees to an annual independent audit of your financial dealings.

d. Require the advisor/agent to provide regular and written status reports on your finances.

e. Require the advisor/agent to provide proof of coverage for fidelity insurance or bonding to protect you in the event of theft by the advisor/agent.

f. Do not grant the advisor/agent power of attorney to act on your behalf.

g. Make it a contractual obligation of the advisor/attorney to promptly inform you in writing of any potential or actual conflicts of interest as your representative.

h. Make sure the advisor/agent agrees to provide you full access to any financial records in his/her custody.

i. Make sure that the advisor/agent is available at all times and is committed to your best interest.

Question:

What can my financial advisor do for me?

A financial advisor is an expert who can provide you with guidance in the areas of finance, taxes, investments and law.

Question:

What is the National Football League Players Association?

The NFLPA helps players find legitimate and registered agents and financial planners, negotiate contracts and salary, obtain benefits, file grievances, get involved in licensing and marketing programs, and gain access to membership programs. In addition, the NFLPA negotiates on behalf of the players to protect their rights under the Collective Bargaining Agreement.

Question:

How do I contact a specific team to get additional information?

Contact the following organizations for information on a specific team:

National Football League

280 Park Avenue

New York, NY 10017

212-450-2000

National Football League Players Association

2021 L Street, N.W. Suite 600

Washington, DC 20036

800-372-2000

202-463-2200

Question:

What should I consider when reviewing a contract?

You need to consider the following factors when negotiating provisions of a player contract: length of playing contract, base salary, timing of payments, signing bonuses, reporting bonuses, performance and other bonuses, incentives, salary guarantees, trade provisions, additional injury provisions, options, special benefits, and personal-conduct provisions.

Question:

Do I have to have an agent to sign a contract?

No. There are several professional athletes who have chosen not to hire an agent; rather, these professional athletes have hired attorneys who are paid at an hourly rate.

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