Insurance Basics

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Hey Coach,

Why Coaches Often Overlook Insurance

Coaches think long-term - player development, culture, program success.
But when it comes to protecting themselves and their families financially, most coaches are playing without a solid defense.

👉 They see insurance as “extra cost,” not part of the plan.
👉 They renew policies automatically without reviewing coverage.
👉 Or they skip it entirely, assuming “it won’t happen to me.”

Here’s the truth: insurance isn’t about fear - it’s about protection.
It’s the defensive game plan for your financial life.

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The Big 4 Types Every Coach Should Understand

1. Health Insurance - Protect Your Team (You + Family)

Life throws screens you don’t see coming - injuries, illnesses, hospital visits.
Even one major medical event can wipe out years of savings.

What to know:

• Check if your plan covers your preferred doctors and facilities.

• Understand your deductible (what you pay before insurance kicks in).

• Know your max out-of-pocket - this is your worst-case scenario number.

• Use HSA or FSA accounts if available (tax-free ways to pay for healthcare).

🏀 Coaching Tip: Treat your deductible like your team’s turnover limit - you can live with a few, but too many unplanned expenses can lose the game.

2. Auto Insurance - Protect Your Mobility

You’re constantly on the move - to practices, games, and tournaments. One accident without coverage can wreck more than just your car.

What to know:

• Get enough liability coverage (at least 100/300/100).

• Add uninsured/underinsured coverage - lots of drivers skip it.

• Comprehensive + collision = full protection for your own vehicle.

• Check if your policy includes rental reimbursement and roadside assistance.

🏀 Coaching Tip: Cheap auto insurance is like a weak bench - fine until something goes wrong. Build depth.

3. Renters or Homeowners Insurance - Protect Your Space

Your gear, laptop, and basketball memorabilia aren’t cheap. Renters (or homeowners) insurance covers theft, fire, and liability if someone gets hurt at your place.

What to know:

• Renters insurance often costs less than $20/month.

• It covers personal property, liability, and temporary housing if needed.

• Homeowners adds coverage for your house structure itself.

🏀 Coaching Tip: Think of this as defensive rebounding - not glamorous, but essential for preventing big losses.

4. Life Insurance - Protect Your Legacy

If someone depends on your income - a spouse, kids, or even aging parents - you need life insurance.
It’s not for you; it’s for the people who’d have to replace your role and income if you weren’t here.

What to know:

• Start with term life insurance - simple, affordable, and effective.

• Rule of thumb: coverage = 10x your annual income.

• Skip complex investment-linked life insurance unless you’ve maxed out other investments.

🏀 Coaching Tip: This is your “next man up” plan - making sure your family’s future stays on track even if you’re not on the sideline.

Bonus Coverage to Know About

• Disability Insurance: Protects your paycheck if you can’t work.

• Umbrella Insurance: Extra liability protection in case you’re sued.

• Pet or Travel Insurance: Optional, but worth considering if relevant to your lifestyle.

Coaching Analogy

You wouldn’t go into a big game without a defensive strategy.
Insurance is your defense - it keeps you in the game when life throws you an unexpected full-court press.

Offense builds wealth.
Defense keeps it safe.

📝 Coach’s Challenge This Week

Pick ONE type of insurance to review this week.

• Do you have enough coverage?

• Do you know your deductible?

• Are you overpaying for extras you don’t need?

Make sure your financial defense is as strong as your offense.

👉 Forward this to a coach who’s great at scouting reports but hasn’t reviewed their own coverage in years.
Preparation wins games - and protects your future.

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Coach Mike Klinzing
Founder, Wealth4Coaches
"Coach smarter. Save better. Live freer."