Former #2 NHL Draft Pick, Nolan Patrick, Retires at Age 25

Posted Wed, Jan 17th, 2024

Exceptional Risk Advisors Lloyds of London Coverholder

Former #2 NHL Draft Pick, Nolan Patrick, Retires at Age 25

High Limit Key Person Disability Insurance

The 25-year-old center, Nolan Patrick, once the second overall pick in the 2017 NHL draft, finds himself grappling with a debilitating migraine disorder and head injuries, pushing him towards an early retirement. In 2021, Patrick inked a 2-year deal worth $2.4 million with the Las Vegas Golden Knights. Before joining the Knights, he had secured a rookie contract with the Philadelphia Flyers, spanning 3 years and valued at $11.3 million. While the NHL has not officially confirmed Patrick's retirement, the outlook appears grim for the free agent.

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Insurance Solution

High Limit Disability Income Protection

Professional Athletes

TIn the competitive world of sports, an athlete's most valuable asset is undeniably their extraordinary ability to perform at the highest level. The story of Nolan Patrick serves as a poignant reminder to advisors about the critical importance of safeguarding the future income of superstar athletes against the unforeseen risks of career-ending injuries or illnesses.

Within the framework of the National Hockey League (NHL), a club holds the player's rights throughout the contract period. Following the typical 1-to-3-year contract duration, the player gains eligibility for free agency. During the formative years of the rookie contract, the hockey athlete not only develops speed and agility but also puts his body at risk every time he gets slammed against the boards. It is at this juncture that owning a high limit disability income protection policy or permanent total disability (PTD) insurance becomes imperative. Upon reaching free agency and securing a long-term contract, the deal is fully guaranteed. However, a loophole exists in NHL contracts. A guaranteed contract can be annulled by a club if the player sustains an injury or falls ill outside the team's activities. Safeguarding a multiyear, multimillion-dollar deal necessitates Off-Ice Coverage, providing protection beyond game day and practice.

As Lloyd's of London Coverholders, Exceptional Risk Advisors specializes in crafting High Limit Disability Income Protection policies catering not only to professional and collegiate athletes but also to a broader clientele. Our expertise extends to designing income protection equalization plans for affluent clients across various fields, including CEOs, lawyers, entrepreneurs, hedge fund managers, entertainers, and, of course, professional athletes.

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