Imagine you're a college football star who turned down the chance to enter the NFL early in order to return to school. Your first calls should be to your parents and your coach. After that, you're probably calling to inquire about insurance. This is the typical timeline for a standout player purchasing a multimillion-dollar policy.
Allstar must pay his premium immediately, but neither he nor his parents has enough cash lying around to pay. So he must secure a bank loan. If he chooses the NCAA policy, his financing is pre-arranged. If he chooses a private agent, he must secure his own loan, but he must be careful that his loan officer doesn't give him any special treatment because of Allstar's status as an elite football player. Taking any special discount could cost Allstar his elgibility. Allstar selects the private agent and buys a $5 million policy for $50,000. Even though the written policy takes more than a week to finalize, Allstar is covered immediately. So if Allstar suffers an injury in an offseason workout before he signs the final policy, he's still covered.