Texas quarterback Colt McCoy reportedly has taken out an insurance policy worth between $3 million and $5 million to guard in the event of a career-ending injury.

Brad McCoy, Colt's father, told ESPN.com about the policy.

"The premium is astronomical," Brad McCoy said. "But the payback in the event of a catastrophe puts the monetary value there. We felt it was the prudent thing to do."

Sam Bradford's father, Kent, is an insurance specialist. He declined to provide details of the policy but said, "The odds of a kid getting a career-ending injury is slim. But if it did happen, and you had the chance to insure, chances are you would feel pretty dumb. You're insuring earnings power."

Florida quarterback Tim Tebow said last week that he had taken out a similar policy worth $2 million.

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