Despite taking out a massive insurance policy to protect himself in case he was unable to continue playing football, Jermichael Finley may no longer be in any position to collect on it.
After suffering a catastrophic neck injury which threatened his NFL career and long-term health, Packers TE Jermichael Finley took out an insurance policy on himself that would allow him to collect $10 million if he was no longer able to play football.
However, doctors recently gave Finley medical clearance to rejoin the team and resume practicing, which could put his claim on the policy into doubt.
According to Yahoo! Sports, insurance executives and insurance recovery attorneys said it’s unlikely Finley will have that kind of decision to make. Some of the comments made by Finley’s agent, Blake Baratz, call into question whether the tight end will be able to collect any of the $10 million insurance policy.
“While the language in policies varies by provider, permanent total disability (PTD) policies generally don’t pay out unless a player experiences a disability that prevents him from playing professional football again,” according to Chris Larcheveque, executive vice president of International Specialty Insurance.
“If he would have had [loss of value], he would have the ability to collect $3 [million] to $4 million tax free,” Larcheveque said. “Should [Finley] be cleared to play, it certainly will muddy the water from a claim standpoint but does not make [him recovering] an impossibility. The policies do contain what’s known as a rehab clause – for the NFL, a four-game period in which the player can come back. If he re-suffers an injury, or gets a second opinion determining him to be [permanently totally disabled], the claim may be viewed as valid.”