In order to get the policy, Lee went outside the program provided by the NCAA, which caps the maximum insurance policy at $5 million and doesn’t allow players who are part of the program to pay additionally for loss-of-draft-value insurance. The premiums for the policies secured through the NCAA program are financed through U.S. Bank and provide that the player pay back the loan upon signing his first professional contract.
The premiums on disability insurance policies typically cost $8,000 to $10,000 per $1 million insured.
- Source: USC’s Lee picks up $10M insurance (espn.go.com)
- Source: USC’s Lee picks up $10M insurance (alternativenewsalert.com)
- Report: USC’s Lee insured for $10 million (wdsu.com)
- Life Insurance (companyinsurances.wordpress.com)