Term Life Insurance Articles
Amended Contract For Alabama Football Coach Includes Term Life Insurance
2010-04-30
Nick Saban, the head coach of the college football team the Alabama Crimson Tide, secured an eight-year $32 million contract in 2007, making him one of the highest paid college football coaches in the country. Saban formerly served as head coach of the Miami Dolphins, as well as several other NCAA schools. Since leading the Alabama Crimson Tide to the 2010 National Championship, Saban has become the first coach to ever lead two separate teams to a BCS Championship. The Crimson Tide are currently ranked number one in the country.
Coach Saban's contract has been amended to provide for completion bonuses in separate installments at the end of each year totaling $5 million through the 2017 season, which is when his contract is set to expire. The amended contract, which has been approved unanimously by the school committee, also includes the addition of term life insurance for the football coach. The university will pay for his policy until he completes his contract as head coach. The term life insurance policy pays all of his benefits to any designee of Saban's choosing if he happens to pass away during his term as coach at Alabama University. This is in addition to the auto insurance the university already pays for the two full-sized cars it gave him per his original contract.
In addition, the trustees also approved raises for several assistants: offensive line coach Joseph Pendry received a 9 percent raise, and will make $425,000 this season; offensive coordinator Jim McElwain got a 14 percent raise, resulting in a salary of $410,000 for this year and for the next; defensive coordinator Kirby Smart's impressive pay increase of 108 percent will give him a salary of $750,000; linebacker coach Sal Sunseri received a pay increase of 8 percent for a total salary of $350,000 for 2010 and for 2011; and linebacker coach Bobby Williams got a raise of 5 percent, also resulting in a $305,000 salary in both seasons. The trustees also voted to extend each of their contracts through the end of February 2012, which will cover that year's recruiting period.
The addition of the term life insurance policy is not an unusual perk for contracts of this nature, but it most likely pays out an amount far higher than the average policy. Other institutions have included similar provisions for their head football coaches. Term life insurance works by providing coverage at a fixed rate over a certain period of time. Once that period expires, coverage at former rate can no longer be guaranteed, and the client can either relinquish coverage or continue payment under a different rate. If the insured dies during the term, benefits go to the beneficiary of his choice.
Free Insurance Quotes
Nick Saban, the head coach of the college football team the Alabama Crimson Tide, secured an eight-year $32 million contract in 2007, making him one of the highest paid college football coaches in the country. Saban formerly served as head coach of the Miami Dolphins, as well as several other NCAA schools. Since leading the Alabama Crimson Tide to the 2010 National Championship, Saban has become the first coach to ever lead two separate teams to a BCS Championship. The Crimson Tide are currently ranked number one in the country.
Coach Saban's contract has been amended to provide for completion bonuses in separate installments at the end of each year totaling $5 million through the 2017 season, which is when his contract is set to expire. The amended contract, which has been approved unanimously by the school committee, also includes the addition of term life insurance for the football coach. The university will pay for his policy until he completes his contract as head coach. The term life insurance policy pays all of his benefits to any designee of Saban's choosing if he happens to pass away during his term as coach at Alabama University. This is in addition to the auto insurance the university already pays for the two full-sized cars it gave him per his original contract.
In addition, the trustees also approved raises for several assistants: offensive line coach Joseph Pendry received a 9 percent raise, and will make $425,000 this season; offensive coordinator Jim McElwain got a 14 percent raise, resulting in a salary of $410,000 for this year and for the next; defensive coordinator Kirby Smart's impressive pay increase of 108 percent will give him a salary of $750,000; linebacker coach Sal Sunseri received a pay increase of 8 percent for a total salary of $350,000 for 2010 and for 2011; and linebacker coach Bobby Williams got a raise of 5 percent, also resulting in a $305,000 salary in both seasons. The trustees also voted to extend each of their contracts through the end of February 2012, which will cover that year's recruiting period.
The addition of the term life insurance policy is not an unusual perk for contracts of this nature, but it most likely pays out an amount far higher than the average policy. Other institutions have included similar provisions for their head football coaches. Term life insurance works by providing coverage at a fixed rate over a certain period of time. Once that period expires, coverage at former rate can no longer be guaranteed, and the client can either relinquish coverage or continue payment under a different rate. If the insured dies during the term, benefits go to the beneficiary of his choice.
