The 'insurance' is multi-million dollar contracts. You get paid to be a professional athlete, but the downside is that when you can't compete, you're done, whether that's from age or injuries.
No one is going to insure an athlete's future years, the premiums would be far too massive. Plus, determining what is a career-ending injury, vs what is 'age and wear'. Good luck collecting, for most players. It's just a non-starter.
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