volunteers4life
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I never realized that there was disability insurance available for college players that pays tax free $$$ should the player get hurt and their draft stock drop as a result after deciding to forgo the draft and return to college. The NCAA evidently has its own program for this along with some private insurers. The premiums are $8-10k/$1 million in coverage and are paid by a loan to the player that is paid off either through the insurance process if a claim is made or taken from the player's 1st pro contract. This seems like a no-brainer for players like Tiny. I wonder how often UT or for that matter CBJ's players have used these policies? Could be helpful in convincing some potential early departures to stick around a little longer to help rebuild the program... Not sure how to link but the article below was a free ESPN article just posted on their Score Center mobile app:
Source: Marqise Lee insured for $10M
Darren Rovell
ESPN.com | August 30, 2013
USC wide receiver Marqise Lee has secured a $10 million total disability insurance policy, a source told ESPN.com.
The policy would allow Lee to collect a tax-free $10 million should he suffer a career-ending injury this season and not be able to return to the game.
The source also told ESPN.com that Lee could collect should he slip significantly in the NFL draft. Lee, who finished last season with 1,721 receiving yards and 14 touchdowns, is ranked as the No. 1 wide receiver in the draft on Mel Kiper Jr.'s Big Board.
In order to get the policy, Lee went outside the program provided by the NCAA, which caps the maximum insurance policy at $5 million and doesn't allow players who are part of the program to pay additionally for loss-of-draft-value insurance. The premiums for the policies secured through the NCAA program are financed through U.S. Bank and provide that the player pay back the loan upon signing his first professional contract.
The premiums on disability insurance policies typically cost $8,000 to $10,000 per $1 million insured.
Lee joins Louisville quarterback Teddy Bridgewater ($10 million) and South Carolina defensive end Jadeveon Clowney ($5 million) as high-profile college players who have insurance policies this season. In March, Heisman Trophy winner Johnny Manziel told ESPN.com that he also would take out a policy for the 2013 season.
USC has been particularly proactive in helping its players who could make significant money in the pros secure policies.
While Matt Barkley passed on disability insurance for his senior season, both Carson Palmer and Matt Leinart had insurance policies for their final two seasons at USC.
Leinart had loss-of-value insurance for his senior year that would have paid out if he slipped from the projected top pick to No. 15. He fell, but not far enough for the policy to pay off. He was selected 10th in 2006 by the Arizona Cardinals.
Source: Marqise Lee insured for $10M
Darren Rovell
ESPN.com | August 30, 2013
USC wide receiver Marqise Lee has secured a $10 million total disability insurance policy, a source told ESPN.com.
The policy would allow Lee to collect a tax-free $10 million should he suffer a career-ending injury this season and not be able to return to the game.
The source also told ESPN.com that Lee could collect should he slip significantly in the NFL draft. Lee, who finished last season with 1,721 receiving yards and 14 touchdowns, is ranked as the No. 1 wide receiver in the draft on Mel Kiper Jr.'s Big Board.
In order to get the policy, Lee went outside the program provided by the NCAA, which caps the maximum insurance policy at $5 million and doesn't allow players who are part of the program to pay additionally for loss-of-draft-value insurance. The premiums for the policies secured through the NCAA program are financed through U.S. Bank and provide that the player pay back the loan upon signing his first professional contract.
The premiums on disability insurance policies typically cost $8,000 to $10,000 per $1 million insured.
Lee joins Louisville quarterback Teddy Bridgewater ($10 million) and South Carolina defensive end Jadeveon Clowney ($5 million) as high-profile college players who have insurance policies this season. In March, Heisman Trophy winner Johnny Manziel told ESPN.com that he also would take out a policy for the 2013 season.
USC has been particularly proactive in helping its players who could make significant money in the pros secure policies.
While Matt Barkley passed on disability insurance for his senior season, both Carson Palmer and Matt Leinart had insurance policies for their final two seasons at USC.
Leinart had loss-of-value insurance for his senior year that would have paid out if he slipped from the projected top pick to No. 15. He fell, but not far enough for the policy to pay off. He was selected 10th in 2006 by the Arizona Cardinals.
