Florida State University’s Star Quarterback, Jameis Winston, Took Out an $8 to 10 Million Disability Insurance Policy

According to ESPN, Florida State University’s star quarterback, Jameis Winston, just took out an 8-10 million dollar disability insurance policy protecting his standing in upcoming NFL drafts. The policy, based on the projection that Winston will be a top-10 pick for the 2015 NFL draft, is split between permanent career ending disability coverage and loss of value coverage. Although expensive, this policy is the right move for the NLF hopeful Winston because it covers him not only if he suffers a career ending injury but also allows him to collect if injury or illness causes him to fall in the draft pick rankings. (ESPN, Jameis Winston Buys Insurance, July 1, 2014)

Jameis Winston’s father, Antonor Winston, contends that he expects Winston “to succeed with one more year in baseball and two more years in football,” stating that “we’ve never strayed from our plan that he is going to be in college until he gets that degree.” (AL, Antonor Winston Believes his Son Jameis Intends to Play Two More Football Seasons at Florida State, June 18, 2014).

If Winston spends two more years at Florida State as his father predicts, he will enter the NFL draft in 2016. But Winston is eligible for the draft after the 2014 season and it’s argued that taking on the hefty premiums of his new insurance policy may be an indicator that he has changed his plans since his father spoke with AL in June.

According to Yahoo! Sports, “underclassmen who purchase insurance policies as large as Winston’s almost always enter the NFL draft following the season for which they purchased coverage.” The premiums for these types of preseason disability insurance policies can run up to $55,000-$60,000 per year forcing many players to obtain financing to cover the costs. It’s reasonable that these financial decisions are often made when expecting a sizable income bump in the near future. (Yahoo! Sports, Source: FSU QB Jameis Winston Purchased $8M-$10M Insurance Policy, June 30, 2014)

“College athletes anticipating going pro should safeguard their futures with private disability insurance policies no matter their circumstances,” explains Frank N. Darras, America’s top disability insurance lawyer. “With such a stellar future ahead of him, Winston is smart to take steps to protect his income potential against injury or illness.” According to Darras, “both professional and college athletes should talk with an experienced insurance agent and a top disability lawyer to find out what types of disability insurance will best protect their assets and earning potential.”