It has been reported — by a number of outlets — that former Green Bay Packers tight end Jermichael Finley was able to cash in on a tax-free insurance policy when a neck injury cut his NFL career short. The amount was $10 million.
For some reason, a lot of people seem to doubt that actually happened. Perhaps it’s because he briefly thought about returning to the NFL before officially hanging it up.
Well, here it is from Finley’s lips. When he got the insurance policy, why he got it and why more NFL players don’t get one.
“I actually got [the policy] when I started my big deal [in 2012]. We were at a casual dinner, and all of a sudden, [may agent] said, “You need to get an insurance policy because the way your game is, you play it reckless.” That was my style of play; it wasn’t running out of bounds. My thing was finding contact. He said, “We need to get you a disability policy.” And then so it happened when I was on the last year of my deal, I went to the max disability policy you can get. But you have to spend X amount of dollars to get it. That’s why players don’t get it, because you’ve got fork over [a lot of money] up front. It’s a gamble. It’s like a black hole; you’ve got to throw it in there and see what comes out.”
So there you have it.
We can completely understand why most players don’t insure themselves like this. They feel like it’s an expense they don’t need. Gotta get more boats and hoes.
However, Finley was lucky he took that risk.