COLUMBIA — The insurance company president who was reportedly contacted about a policy for South Carolina All-America defensive end Jadeveon Clowney said he has not written a policy for Clowney, and does not expect to.
FoxSports.com reported Wednesday that Richard Salgado said “a member of Clowney’s camp” contacted him about policy information. Salgado runs Coastal Advisors LLC, which provides insurance services for athletes, including life insurance and estate planning.
High-profile college football players sometimes seek insurance policies so they have a safety net if they suffer a career-ending injury before turning pro.
Clowney, a rising junior, is widely expected to be the first overall pick in next year’s draft. Most draft analysts believe he would be the first pick in this year’s draft. But he is not eligible because he hasn’t been out of high school for three years.
He said before USC’s bowl game that he didn’t plan to get a policy, but defensive coordinator Lorenzo Ward said last month that the coaching staff would speak with Clowney about obtaining insurance.
Clowney hasn’t been significantly injured yet in his college career, but injuries are part of the game, as evidenced by USC running back Marcus Lattimore suffering torn knee ligaments in a game last October. The injury almost certainly will result in his draft position falling, and because of that, Lattimore will receive less money in his first NFL contract.
Salgado said Thursday that he received a phone call two weeks ago from a man claiming to be “an advisor” to Clowney’s family. The man refused to give Salgado his name, but wanted to know about the value of policies Salgado offers. Salgado hasn’t heard back from the man.
“Let me get one point straight right off the bat: I did not write any insurance on (Clowney),” Salgado said. “An inquiry was made about him to me, and that was it. Now, was it a family member (who made the inquiry)? Was it an agent? Was it anybody like that? No. I don’t even know. You get all these people that call and say they’re the advisor to these kids, and 90 percent of the time they’re lying.
“When you get calls like that, you take it with a grain of salt. At the end of the day, if they don’t put you in front of the kid, or they don’t put you on the phone with the kid or the parent, these calls are all meaningless.”
Salgado has insured hundreds of athletes, and he gets most of his clients after they turn pro. The NFL client list on his website includes Arian Foster, Vernon Davis, Justin Tuck and C.J. Spiller. Salgado said policies for current college athletes usually range from $1 million to $5 million.
“A guy of (Clowney’s) name and caliber, he’s going to pretty much command as much as he needs to get if he’s willing to pay the price,” Salgado said.
Even if Salgado talked to Clowney, he would encourage Clowney to get insurance through the NCAA, because it is “more affordable and convenient,” he said. NCAA policies cost between $8,000 and $9,000 per million dollars of insurance, he said.
Salgado’s policies run between $8,000 and $15,000 per million, “depending on the player’s age and position.” So a $5 million policy could cost as much as $75,000.
Moreover, the NCAA makes buying insurance easier for athletes whose families cannot afford the cost of a policy.
“The NCAA plan gives the player up to several million dollars of coverage, and they execute the loan for you through the NCAA officially approved lender,” Salgado said. “The money goes directly from the (loaning) bank to the insurance company.”
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