Isaiah Austin’s basketball career is over due to Marfan Syndrome, but it’s not all bad news for the former Baylor player.
Darren Rovell of ESPN:
Former Baylor Bears center Isaiah Austin, who saw his dreams of playing in the NBA abruptly come to a halt this week, has an insurance policy worth at least $1 million, his agent Dwon Clifton confirmed to ESPN.com.
The 7-foot-1 Austin took out the insurance policy through the NCAA’s elite athlete insurance program. A college basketball player typically pays about $5,000 per million, an insurance industry source said, and an athlete can only collect the amount he is insured for if he has a total disability that ends his career.
Insurance policies that cover career-ending situations usually include a 12-month wait period, as the insurer sees if the athlete can make an attempt to recover. But Austin’s case should be resolved sooner, since there’s little debate of his diagnosis and of doctor’s recommendations.
Assuming Austin qualifies, and it is expected he should, he will not have to pay taxes on his insurance payout.
Dwain Price of the Fort-Worth Star Telegram:
If Austin earned a minimum NBA salary the next two years – not a given without his ailment, but a reasonable estimate for him – he would have made $1,352,395. But that’s before taxes, which would obviously take a bite from the pie.
And a trip to Brooklyn for the draft will be a nice diversion in what’s surely a trying time.
Nothing will fully replace the thrill of his name being called on the draft night or the pride that comes through pursuing a career in his chosen path, but I’m glad Austin isn’t left to fend for himself without support.
Isaiah Austin’s Marfan Syndrome diagnosis a ‘blessing in disguise’