How Insurance Planning is Similar to Building a Football Team
You Play to Win the Game!
With the return of football and watching the Jets earlier this week, I was reminded of former Jets Head Coach Herm Edwards yelling, "YOU PLAY TO WIN THE GAME!" This was during a post-game press conference after another (typical) NY Jets loss. The question he was answering, had to do with if his team was prepared and questioning whether they were trying to win.
Which led me to think of how creating insurance plans isn't so different from building a football team.
The best teams in football are well rounded on all three sides of the ball. Offense, Defense, and Special Teams. Its hard to win when you dont have a strong defense that cant stop the run, or an offense that cant score. (As a Jet fan, I'm use to not having either one!)
The same can be said in insurance planning. While having a strong life insurance policy is great, what if you become disabled and can no longer work? Or if you have both, life and disability, but neglect Long-Term Care and run through your assets in your late years?
In both football and insurance plans Its critical to be as well rounded as possible.
Here's my attempt to relate insurance planning to building a football team:
You’re the Head Coach
As the head coach of your financial life, you’re in charge. You call the plays, set the strategy, and take responsibility for your wins and losses. Your decisions around savings, investments, and insurance will have a lasting impact, and it’s your job to make sure your team (your financial plan) is ready to succeed.
Offense is Your Income
Your income is the offense, driving your financial progress and supporting your family/scoring touchdowns. But what happens if you can no longer work to provide that same income? This is where insurance steps in.
Life Insurance is the Quarterback
Theres two types of life insurance plans.
Term Life Insurance: The Temporary QB
Mark Sanchez was the Quarterback for the NY Jets from 2009-2012
For Example: Mark Sanchez
Mark was the QB of the NY Jets for a few years and was successful for a short period of time. Once his time ran out, he lost a roster spot and the Jets were back to searching for a new QB.
Like Mark, Term life insurance is only good for a short period of time. You'll have coverage for a set period, and once that term expires, you are playing life without a Quarterback again. Term is affordable and ideal when having key responsibilities like a mortgage or raising kids.
Permanent Life Insurance: The Franchise QB
For Example: Tom Brady
Everyone knows Tom Brady and the success he had for what seemed like forever during his 20 year NFL career. He won seven superbowls and created an incredible legacy.
Permanent life insurance provides lifelong coverage and builds cash value over time, ensuring your loved ones are always protected. Like Brady, permanent life insurance can be a solution for a number of different challenges and a cornerstone of your insurance plan.
Disability Insurance is the Defense
For Example: Aaron Donald.
In the 2022 Superbowl, It seemed like the Rams back was against the wall late in the game. Aaron Donald then made key plays on the defensive side of the ball, leading his team to win Superbowl 56.
A good defense protects your income when illness or injury prevents you from working. Short-term and long-term disability insurance ensure you can maintain financial stability when you can no longer work due to your health.
Long-Term Care Insurance is Special Teams
For Example: Adam Vinatieri
Adam Vinatieri helped his team win multiple super bowls during his NFL career by kicking final minute field goals late in games.
Special teams come through in crucial moments. Long-term care insurance covers extended care needs like nursing homes or home care, protecting your savings in later years. Having Vinatieri on your team is having good Long-Term Care coverage in the late stages of life.
Build Your Winning Team
Just like a football team, your insurance strategy should be tailored to your needs. The right mix of term life, permanent life, disability, and long-term care insurance ensures you’re prepared for whatever life throws your way.
Like Herm Edwards said "You Play to Win the Game!" Don't show up with half a team and hope for the best. Build a well rounded plan that covers you and your family for whatever play life decides to call.
