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All-TigerNet [10853]
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Does anybody know how "Going Pro in Football" insurance
Jan 9, 2013, 3:31 PM
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actually works?
I am thrilled that Tajh came back. I hope he can get an insurance plan to protect him financially. How do those work?
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Orange Blooded [4947]
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Re: Does anybody know how "Going Pro in Football" insurance
Jan 9, 2013, 3:32 PM
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Not sure of the exact details but his family has already applied for the coverage per TCI.
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110%er [5627]
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Payments are accrued until said player goes pro and can pay
Jan 9, 2013, 3:33 PM
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for it. I think.
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Walk-On [147]
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That would make sense, otherwise
Jan 9, 2013, 3:40 PM
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boosters would be picking up the tab for every good Junior/ RS Senior
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CU Medallion [64517]
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Boosters weren't the problem. It was rogue Agents...
Jan 9, 2013, 4:32 PM
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Agents would promise to get the insurance for the kids if they signed so the NCAA started offering the coverage to keep these kids from doing something that was a clear NCAA rules violation.
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Trainer [35]
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Re: Does anybody know how "Going Pro in Football" insurance
Jan 9, 2013, 3:56 PM
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The hard part about the insurance is collecting after an injury. You have to be able to prove it was a career ending injury. A torn ACL will not do it. You would have to lose a leg or something.
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CU Guru [1573]
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Re: Does anybody know how "Going Pro in Football" insurance
Jan 9, 2013, 3:57 PM
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Has to be approved by the NCAA. A determination is made as to his anticipated earnings in the NFL. Once approved, the player may purchase the insurance with a "deferred premium" payment. If he gets injured, the policy kicks in and the player receives the agreed to amount in the form of a lump sum "MINUS" the unpaid premium. If he does not get injured, he still must pay the premium but it is deferred until he gets his signing bonus from the NFL Team. It's a pretty good deal for the player but it isn't cheap. Yet the guys capable of playing at the next level have no choice but to insure themselves. The risk is simply too great.
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Orange Blooded [2220]
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Re: Does anybody know how "Going Pro in Football" insurance
Jan 9, 2013, 4:03 PM
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not true on the ACL thing...if a player can not pass an NFL physical...or is unable to make a roster due to the injury...which can be verified by physicians prior to the injury...they can take the money from the policy....BUT...they can never play again....
ie...if Marcus Lattimore on his return can not pass an NFL physical to the point that a team will not draft him...he gets the money...if he had returned to USC and tried to play again...he would have forfeited the policy...big reason Marcus came on out....he can rehab and try to make an NFL team...if not....the policy pays...cause his injury would be career ending....
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CU Medallion [64517]
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My understanding is the injury must be career ending...
Jan 9, 2013, 4:13 PM
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if you can still play, just not at the same level, the policy does not pay.
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Orange Blooded [2961]
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CU Medallion [64517]
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One such policy is actually issued through the NCAA....
Jan 9, 2013, 4:01 PM
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It is referred to as the Exceptional Student-Athlete Disability Insurance program, and is designed to protect a player and his potential future earnings against the possibility of a career-ending injury. The program actually started in the early 90's for those players projected to be selected early in the NFL draft. It was later expanded to cover men's and women's basketball, baseball and hockey.
Premiums are costly ($20,000 to $30,000 a year for the high-end coverage, and $5,000 to $8,000 on the low end).
To pay for it, the NCAA offers a loan program at 1.5% above prime, although balances must be repaid regardless of when a player gets drafted or if drafted at all.
Of course, private insurers also offer an alternative to players who don't qualify for the NCAA program (football players who aren't projected in the top three rounds, for instance, or who want more coverage than the NCAA offers). The premiums through a private agency can run higher, about $10,000 a year per $1 million of coverage for football players.
Depending upon a players draft projection, the average policy provides about $2 million in coverage but I have heard of some being as high as $10 million.
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All-TigerNet [10853]
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Interesting. Thanks!***
Jan 9, 2013, 4:02 PM
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Orange Blooded [4789]
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Orange Blooded [2961]
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Re: Does anybody know how "Going Pro in Football" insurance
Jan 9, 2013, 4:18 PM
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Per a friend who has a son that should be drafted this year. After your Jr. Year you file with the NFL and you get evaluated then you know ball park how much the policy should be. Then you get your policy. I guess you could go straight to loyds at any time.
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