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Nicks passed on disability insurance

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As Giants receiver Hakeem Nicks finishes a contract year that hasn’t done much to put him in line to get a huge payday, Nicks acknowledges he previously passed on the chance to get a huge payday if he suffers a serious injury.

Via Jordan Ranaan of NJ.com, Nick opted not to purchase a disability policy.

“It got brought my way but, honestly, I never really thought about it. I heard the good about it, I heard the bad about it,” Nicks told Ranaan before an abdominal injury sidelined Nicks last Sunday.

“The bad is you have to pay $40,000 to $50,000, and then if you don’t get hurt, you don’t get your money back,” Nicks said. “That’s not a win-win situation in my book.  I’d rather keep my money and pray about it and ask the Lord to keep me healthy.”

There’s a more practical layer of wisdom in Nicks’ decision.  The insurance payment comes only if the injury ends his career.  How often does an injury actually end a player’s career?  Short of a serious neck injury, a player will be able to continue playing, even if the injury leaves him seriously diminished.

While having disability insurance may give some players the peace of mind to play with the same reckless abandon that helped put them in line for a big contract in the first place, the truth is that a torn ACL or a ruptured Achilles or any other injury that would wipe out the free-agency payday won’t trigger the insurance payment.  So if Nicks had purchased a disability policy based on a career-ending injury and torn an ACL, he would have lost the premium and he would have received no insurance payment.

Policies based on career-limiting injuries also are available.  They’re a lot more expensive and a lot more likely to lead to litigation, because insurance companies love to collect money but hate to pay it out.

For Nicks, the more pressing problem is that his play has dipped to the point where he’ll have a hard time getting anyone to pay him huge money next March.  And there’s no insurance available for that.

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18 Responses to “Nicks passed on disability insurance”
  1. colonelcamp says: Nov 30, 2013 11:42 AM

    “I’d rather keep my money and pray about it and ask the Lord to keep me healthy.”

    I guess. I usually ask Santa Claus to keep me healthy, but to each his own…

  2. nyyjetsknicks says: Nov 30, 2013 11:55 AM

    “The bad is you have to pay $40,000 to $50,000, and then if you don’t get hurt, you don’t get your money back,” Nicks said. “That’s not a win-win situation in my book. I’d rather keep my money and pray about it and ask the Lord to keep me healthy.”

    ____________________

    1) Nicks doesn’t understand what insurance is.

    2) If all religious people just pray to get better we’ll be better off as a country. Single payer health care for people with common sense and those who don’t understand science will die off. Win win.

  3. britishraven says: Nov 30, 2013 11:59 AM

    News just in: praying doesn’t prevent you getting injured

  4. nfloracle says: Nov 30, 2013 12:04 PM

    Insurance companies are reprehensible for the most part these days. They’ll cash your checks until the cows come home, but when/if it’s actually time for them to give you value for the money you’ve been putting in their pockets, be prepared for long fights that take terrible emotional tolls.

    They have backdoor outs in their freaking small print contracts that’ll absolutely stun you when you try to get reimbursed for a home fire or flood. Been there, done that… it’s bad news.

    The entire insurance industry has turned into corporate vultures, just like the big banks and big corporations. People don’t matter to them in the slightest. It’s all about nothing but money, money, money.

    Want help from the government to get what you paid for from the insurance companies. Forget about that. The government’s there to require people to buy insurance now… and if you don’t buy your automobile insurance, you can’t drive… if you don’t buy “health” insurance, you pay a “tax.:”

    I hate what’s happened to this country.

  5. doctorrustbelt says: Nov 30, 2013 12:10 PM

    These Giants receivers are annoying.

    I am pledging to not attack annoying Dez Bryant for the rest of the season (even if he kills someone while texting while drunk driving or fumbles away the remaining games) due to the New York Giants wide receivers being so much more annoying than Dez but getting a free pass for so long.

  6. lgbarn says: Nov 30, 2013 12:21 PM

    Horrible decision…I make way less in salary but you better believe I have disability insurance. Hard to believe that someone who gets hit for a living would decide NOT to have disability insurance.

  7. footballviewer says: Nov 30, 2013 12:23 PM

    A guy who played extremely well in 2010 and 2011 when he was healthy. Nicks has had a couple of games since then when he has flashed some of his great talent, but it’s very possible his body is too banged up to get back to that level. It happens. It’s great when a player is able to play at a higher level for 7+ years, but that is not the norm. Plenty of players have 2 or 3 very good seasons and then their bodies wear out due to multiple injuries and their careers are over.

    Nicks has huge hands that helped him play like a man several inches taller (he’s “only” 6’1″) because he could reach up or out and pull in passes with one hand. He was never blazing fast but he used to be fast enough and good enough with his routes and moves to get some separation. Not any more.

    Nicks has had several muscle pulls (injuries that do go together and reflect a certain type of body and tissue structure), a broken foot (a random freakish injury but one that has permanent effects on a player’s speed) and joint sprains (injuries that tend to become chronic/reinjured).

    It only takes one bidder, but I find it hard to picture Nicks getting a 4 or 5 year $10 million per year deal like he is expecting. Any team that does offer him that much is foolish.

  8. doctorrustbelt says: Nov 30, 2013 1:22 PM

    tiki barber posters.

  9. chawk12thman says: Nov 30, 2013 1:42 PM

    Wonder what percentage of the NFL Players actually take this risk?

  10. offthelows says: Nov 30, 2013 2:52 PM

    Well, there’s Johnny Knox and possibly Jermichael Finley.. but he’s been in the league since 2009, so he should be okay financially, though he’s due for the majority of his career earnings at only 25 and on a veteran contract.

  11. doctorrustbelt says: Nov 30, 2013 2:57 PM

    New York Giants wide receivers have tiki barber posters on their walls.

  12. newjerseygiants says: Nov 30, 2013 3:14 PM

    Insurance is like legalized crime. In fact Geico, which is owned by Berkshire Hathaway (a.k.a. Warren Buffet) and he said publicly its the most profitable company he owns “by far”.

    Regarding Nicks, I too am a little tired of his persistent injuries although I think he made the right move by not buying any form of insurance.

    He’ll get a contract somewhere however. We should all have the financial problems of Hakeem Nicks.

  13. arwiv says: Nov 30, 2013 3:25 PM

    Thanks for 2011 hakeem….and I seriously mean that. With that’s said, good luck with your next team in 2014.

    The dude is talented, but he is not dedicated to the Giants (oh yeah, and he is constantly banged up). The Giants need dedicated players, not guys who don’t really care about being here.

  14. commonsensedude says: Nov 30, 2013 3:55 PM

    They should try using celebrity endorsements if they want to get more of the NFL players buying these policies. Imagine: “Hi, folks, I’m Joe Theisman (cue Lawrence Taylor sack replay). I bought Acme Injury Insurance way back in 1985 and I’m sure glad that I did.”

  15. ahs2 says: Nov 30, 2013 4:01 PM

    Uhhhh, so to make it worth it, insurance companies should give you all of your money back if you don’t use you paid in? Yeah, that’s a great business model. What college did he go to” I ask because I want to make sure my kid doesn’t go there…smh!

  16. akboot says: Nov 30, 2013 4:09 PM

    Had to read the article again to make sure.Good God man, you are dumb. No one in life has a win, win. And if you have millions and won’t spend 40 or 50 g’s for ins. you’re just dumb, dumb. Obviously everything in your life HAS been given to you, that’s the only possible way you can have your confounding attitude. Never interview again until you grow the hell up, please. You look very childish when you pout about your mistakes.

  17. namaths5thofwhiskey says: Nov 30, 2013 7:08 PM

    Lord doesn’t have time for you Nicks. Should’ve got that insurance.

  18. hpeters77 says: Nov 30, 2013 9:43 PM

    I am a guy in the insurance industry, most laws are written by the state and probably have a couple of lobbyist involved too. With that saying, most insurance laws have stipulations in them that makes most claims impossible to collect on. Hey if you want a change, go visit state officials while they are writing the laws

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