What New York Life can do for you:
As a member of the Track and Field Athletes Association, you have access to some of the most premier companies offering products and services to help streamline your decision making in a one-stop environment.
Below is a brief overview of the member benefits available to you. When you are ready to discuss these options with a New York Life agent, please Contact Us and we will put you in touch with the right person.
Member benefits include: And more:
- Dental Insurance
- Vision Insurance
- Cancer Insurance
- Accident Insurance
- Preventative Care Riders
- Travel/Accident Insurance
- International Insurance
- Auto Insurance
- Home Insurance
- Identity Protection
- Home Security Systems
- Nutrition and Vitamin Supplement Discounts
Health Insurance
Health Insurance is an imperative coverage for any athlete to keep you in a performance-grade physical condition. There are many options to choose from including which doctors you would like to or need to see, how flexible you would like your choice of doctors to be and how often you visit doctors when you are traveling for competitions, how much you would like to pay up front versus per visit or incident, or if you would like to cover your family, among other things. Our system will allow you to choose what type of coverage is appropriate for you and your unique situation to provide you with the right type of benefits. We have contracted with multiple heath insurance carriers to be sure you can find the most appropriate type of coverage for you and/or your family. Click here to search some options. (*Your specific plan will vary depending on your gender, age, medical condition, which company you choose and which benefit plan you elect.)
Disability Insurance
Disability Insurance provides income when you are injured and cannot perform your job. For most, if you are able to perform a different job (like an office position, even though you are not able to compete in a track and field competition), you are not covered under disability insurance. However, as a member of the Track and Field Athlete Association you will be covered regardless of what other occupation you may be able to perform during your disability as a Track and Field Athlete. A season-ending injury or a surgery requiring months or years of recovery can not only be devastating as an athlete; it can be devastating financially. Athletes who are covered with disability insurance are able to maintain their standards of living through payments that cover their housing, food, and other monthly obligations still incurred regardless of work status. Statistics show that over the course of a person's lifetime, it is not overly uncommon for one to become disabled. Educating yourself on the basics of disabilities is a good place to start to help you reduce your own personal risk of becoming disabled. For example:
- Almost one-third of Americans entering the work force today (3 in 10) will become disabled before they retire1.
- 71% of American employees live from paycheck to paycheck2, without enough savings to cushion the financial impact a disability may cause.
- Only a small fraction - 10% - of disabling accidents and illnesses are work related. The other 90% are not, meaning Workers Compensation doesn't cover them3.
- The average monthly benefit paid by Social Security Disability Insurance (SSDI) is $10044.
2 American Payroll Association, "Getting Paid in America" Survey, 2008
3 National Safety Council, Injury Facts 2008 Ed.
4 Social Security Administration, Fact Sheet 2008
Life Insurance
There are commonly asked questions about life insurance such as:
- Are there different types?
- How much should I have?
- How much does it cost?
The two most common types of life insurance are term and permanent insurance. While both term and permanent insurance provide a death benefit to your beneficiaries, there are distinct advantages to each type. Term is like renting a home, while permanent is like home ownership. Just as renting is the most economical way to get into the housing market, term is often the most economical way to purchase the protection you need today. When you own a home, you are building equity and have a valuable asset to borrow against to pay for important needs such as a child's education or retirement. The same is true of permanent cash value insurance. You can split your coverage between term and permanent to maximize your flexibility.
| Term | Permanent |
| Generally tax-free death benefit | Generally tax-free benefit |
| Initially the lowest cost option | Tax-deferred cash value |
| Basic protection for a fixed period of time | Level premiums over the life of the policy |
| Renewable at the end of the term or upgradable to permanent with certain companies | Coverage never expires, as long as premiums are paid |
| No cash value | Access to cash value tax-free |
The right amount for you and your family will depend on several factors and the professionals we've partnered with can help you determine that.
Retirement Planning
While retirement may be a long way away, beginning saving today will have a dramatic impact on your ability to reach financial independence. You will need to determine when you would like to retire, how much income you would like to have, and how long you will need that income stream to last. Once you've determined that, you have multiple options to begin investing in, such as Qualified Plans (IRAs, SEPs), Investment Accounts (Mutual Funds, Bonds), and many other options.
Below you will find a chart describing a concept called Human Capital to help you begin thinking about how much you should be saving. The financial professionals we've partnered with will be able to help you put in place a specific plan to help you achieve financial independence.
Expected Financial Capital and Human Capital Over a Lifetime:
When you are ready to discuss these options with a New York Life agent, please Contact Us and we will put you in touch with the right person.