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The Saturday Boy

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  19. Emiliano Sala

    in Football Chat

    Posted

    24 minutes ago, Harry said:

    I work in Life insurance for companies (provided as part of an employee benefits package). 
    You are correct that on the majority of such policies, the insurer doesn’t want to know about new entrants or leavers during the course of the year, and only want to see the full membership data once per year at the renewal date. 
    Therefore under such an agreement, as soon as Sala signed a contract of employment (ie commenced employment), he’d be covered in the policy, and the insurer would not need to be notified. 

    Many years ago I did briefly look after some of the football club schemes. Back then the policies simply covered all players for £1m. But that was prior to the money going crazy, so I don’t know what this sort of coverage would look like nowadays. 
     

    Back then, the principle would have been as above, where data would only need to be gathered once per year and any new signings were covered immediately upon joining, for the £1m. 
    That may have changed nowadays, given the sums involved. 
    On a normal policy, if someone joins who has a very high salary, the insurance company do want to know about them straight away (they offer a certain limit of sum assured, below which you are included with no questions asked, but above which they’d ask for medical information, as the risk profile is much more significant). 
    It could be that Cardiif’s policy had an agreement where cover would be provided up to £15m with no questions, but above that amount they would require notification. But even then, the £15m would still be covered, it would only be the excess amount that would require medical underwriting (for example, if they wanted £20m of cover, they’d get the £15m immediately, no questions asked, but would ask for medical information for the other £5m).
    That’s on the proviso that these footballer schemes still operate in the same manner as a normal company policy. But as I say, given the sums involved nowadays, that may be different. 
    Best person to ask would be @TDarwallas I think he still deals with (or at least did recently) with the footballer schemes. 


    I also used to deal with the PFA life insurance scheme. All PFA members get 4x salary to a maximum of £600k. 
    So if he’d also signed up to the PFA when he and his agent penned the contract, he’d also have had £600k insured from day 1 under their policy too. Although that’s payable to the spouse/next of kin, as opposed to the club. 

    Aha, a group scheme underwriter. I'm an individual protection medical underwriter. Well explained ??

    • Thanks 1
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