Florida State University quarterback and Heisman Trophy winner Jameis Winston has purchased a large disability and "loss of value" policy that provides him with $8 million to $10 million in insurance coverage, a source close to the situation told Yahoo Sports.
According to the source, Winston is the first returning Heisman Trophy winner since former Oklahoma quarterback Sam Bradford to purchase preseason loss of value coverage, though other returning winners have purchased "total permanent disability" coverage during that time frame. Winston's policy is based on a projection that he will be selected in the top 10 of the 2015 NFL draft and would theoretically pay out if he fell out of the first round due to injury or illness.
Though Winston's father recently said he wanted his son to play two more football seasons for the Seminoles while earning his degree, industry experts say underclassmen who purchase insurance policies as large as Winston's almost always enter the NFL draft following the season for which they purchased coverage. That reality is largely due to the hefty premiums players have to pay out of pocket (often with the help of their families) to protect themselves. Policies the size of Winston's can carry a $55,000 to $60,000 premium payment per year, which industry sources say most players have to obtain by financing.