re: Declaring for the Draft early.....

Any athlete projected to be chosen in a professional draft is technically eligible for insurance through private insurers such as Lloyd's of London. Most schools discourage athletes from purchasing insurance policies unless they are projected as early-round selections. The NCAA offers a program to elite, draft-eligible athletes in football, men's and women's basketball, baseball and men's ice hockey. In football, athletes are eligible if they are projected to go in the first three rounds of the NFL draft. In basketball, baseball and hockey, players must be projected first-round selections.

* Price: A $1-million, 18-month policy purchased through a private insurer costs about $15,000; a $5-million policy about $100,000; a $10-million policy about $200,000. A bank loan for the exact amount of the premium can be arranged with payment due upon the signing of a professional contract or completion of eligibility. A $1-million, 18-month policy purchased through the NCAA's ESDI program costs about $10,000 to $12,000. Football players projected as first-round NFL draft picks are eligible for up to $3 million in coverage; basketball players are eligible for up to $4.4 million. A bank loan for the exact amount of the premium can be arranged with payment due upon the signing of a professional contract or the completion of eligibility.

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