Jameis Winston is in line for a big payday should he declare for the NFL Draft after his redshirt sophomore season at Florida State this fall, but in the event something unforeseen happens, the Seminoles quarterback will be taken care of financially after taking out a large disability policy.
According to a Yahoo Sports report from Rand Getlin, Winston has purchased a large disability and “loss of value” policy that provides him with $8 million to $10 million in insurance coverage.
Getlin reports Winston is the first reigning Heisman winner to take out such a policy since former Oklahoma quarterback Sam Bradford. Winston’s policy is based on a projection that he will be selected in the top 10 of the 2015 NFL draft and would pay out if he falls out of the first 32 picks as a result of injury or illness.
The premium on such a payment is estimated at $55,000-60,000 and most players who take out such a policy, such as Jadeveon Clowney last year, come out in the next draft.
Despite Winston’s father stating that his son will stay two more years in Tallahassee, it would appear unlikely unless the family is willing to part with an additional $55,000 at least to pay the annual insurance premium as opposed to signing a contract for more than $20 million to declare for the draft and millions associated with endorsement deals.
Winston is the No. 1 ranked player on ESPN draft analyst, Mel Kiper’s, big board and a likely top-five to ten pick should he declare for the 2015 draft as most expect him to do.
He set national records for touchdowns (40) and passing yards (4,057) for a freshman last season when he led the Seminoles to the BCS National Championship, the first ever won by a freshman quarterback.