Jameis Winston purchased a $10 million disability and loss of value insurance policy, and Florida State is helping him pay for it.
While the exact cost for this insurance coverage is not certain, there is speculation that the university will be paying a $55,000 to $60,000 in annual premium.
The $10 million policy is split equally between a permanent disability and loss of value component. The permanent disability policy will allow Winston to collect if he is injured on the field and unable to play football again. The loss of value policy will allow him to collect a percentage if he should fall in the draft. Winston is projected to be selected in the first round in the 2015 draft: possibly No. 1 if he declares following his redshirt sophomore season.
Florida State will be paying the premium from its Student Assistance Fund which “shall be used to assist student-athletes in meeting financial needs that arise in conjunction with participation in intercollegiate athletics, enrollment in an academic curriculum or that recognize academic achievement.”
Universities have rarely used the fund to help pay loss of value insurance policy, but this unorthodox use of the fund may help Florida State keep their star quarterback for the 2015 season.
While your arm might not be worth $10 million, feel free to contact us for disability insurance.
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