Fantasy football insurance? Oh, please
Posted
Sep 03 2009, 11:00 AM
by
Karen Datko
Rating:
One of the pleasures of reading Sports Illustrated is the brief weekly feature called "Sign of the Apocalypse."
We think SI nailed it with this "sign": "A Long Island company is offering insurance to fantasy football owners that allows them to recoup their league fees if a player on their team gets hurt."
Could anyone possibly think this is a good idea? Let's see.
Bing: Fantasy football rankings
Factors to consider:
- Darren Rovell of CNBC wrote that Tom Brady's season-ending injury in New England's first game last year may have cost those with Brady on their fantasy team $150 million overall. The company, Fantasy Sports Insurance, links to that article at its Web site.
- Only 50 players in the entire NFL are eligible for coverage with FSI. (Hey! Big Ben's not on that list, Darren says. Why? One of the factors considered for eligibility is a previous history of injury, according to the site.)
- You can cover one player, or you can bundle two or three.
- The cost is 10% of the amount of coverage you buy, which can equal your league entry fee, transaction fees and miscellaneous stuff like subscriptions you buy to stay on top of your game.
Is this a good idea? The FSI Web site says: "NFL, MLB, NHL and NBA team owners purchase disability coverage on their KEY PLAYERS. Why shouldn't you?" Answer: Real owners have a lot on the line, but, fans, your risk is teeny tiny. And besides, isn't this about fun, not covering your financial backside?
Here's what insurance is for: to protect yourself in case of a real catastrophe. Health insurance we all need. Cancer can wipe you out. This? Way? No way.
Other bloggers have offered their opinions:
- Dashiell Bennett wrote at Deadspin, "If you're investing more money than you can afford to lose on the outcome of Peyton Manning's passing yardage, then you're probably in a little too deep."
- Ray Ratto said at CBS Sports: "And if you want to take the fun out of bad luck by smugly looking at your pals and going, ‘No sweat. I'm covered,' you deserve an eternity tied to a heated chair and staring into the disturbingly googly eyes of the Progressive Insurance woman."
- What's a better way to protect your fantasy football investment? Matt Snyder at Fanhouse said he kinda likes the insurance idea, but added: "True insurance against a season-marring injury to one of your best players is by filling your team with good players."
For more about this, check out this article at The Wall Street Journal (written before the two-player package was introduced).
What are your thoughts?
Related reading:
5 personal-finance lessons from NASCAR
The NFL's Bernie Madoff
Cowboys top NFL value rankings at $1.65 billion
