Penn State football players will benefit from a new booster-led collective known as “We Are NIL.” It aims to provide rare permanent disability insurance for the team’s top performers.
Founder Michael Krentzmann told SportTechie on Thursday night that the platform has already acquired permanent disability insurance for offensive tackle Caedan Wallace.
“It’s not easy to get this insurance,” said Krenzmann, a lawyer and businessman. “You really have to be considered insured. To do that you have to be a solid NFL talent in the eyes of many underwriters. There is nothing physically wrong with you, reconstruction or anything. When they buy that insurance, they take the risk.”
Given that the NCAA has historically limited the amount of insurance schools can offer student-athletes, We Are NIL could break new ground in college sports. Permanent General Disability Insurance is a form of workers’ compensation that provides weekly wages to players who have lost their ability to work. Typically, Penn State and other colleges and universities can provide some degree of disability insurance to eligible athletes, albeit capped for budgetary reasons.
But We Are NIL can exceed that cap with permanent disability insurance. “It’s for players who can’t play football anymore,” Krentzmann said. “If he gets hurt on the field, off the field, during practice, or if his Jeep trips while walking down the street, he’s covered. From now until the end of the bowl game. That. is how this policy works.”
Krentzmann also said We Are NIL hopes to be able to arrange some degree of permanent disability insurance for players with no NFL prospects. .”
We Are NIL will help players handle the comprehensive paperwork needed to obtain insurance, Krentzman said, and the platform will also be available to select Penn State basketball players in 2022. It is said that it will be
“I try to align with what Penn State is aiming for, which is that the fanbase is helping each other,” Krentzmann said. “If you’re wearing a T-shirt with the Penn State logo on it and you’re walking through a major airport, walking down the street anywhere, another rep from Penn State points to you and says, ‘I We’re going to have something to do with it. So, yes, we’re fully funded and trying to get deals for men and bring alumni together. There are so many ways to use it that it’s great for…that’s our MO and what we’re trying to do.”
Entering the college football season, NIL ratings conducted by college sports data company On3 showed 12 college football players with projected valuations above $1 million. Athlete Marketplace open doseis known as a leading provider of NIL technology, as is INFLCR.NIL software and social media management platform, have entered into partnerships with US Bank and MoneyLion, respectively, to Financial Literacy for College Athletes Pursuing NIL.
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