Michigan, Harbaugh agree to additional $12 million in total life insurance loan

The old saying of "the rich get richer" certainly applies to Jim Harbaugh in the life insurance agreement made with Michigan on Wednesday.

Michigan has agreed with Harbaugh to make an amendment in his contract that will give the head coach an additional $2-million loan to his life insurance policy, along with $2 million annually for the duration of his contract, according to Dan Murphy of ESPN.

Harbaugh is currently scheduled to make $5 million in salary for each of the the remaining six years of his current deal.

The insurance policy states that Harbaugh is not required to pay back the loan until he dies, where the university would collect its original investment. Harbaugh's beneficiaries would then collect the remaining amount of the insurance payout.

Harbaugh's heirs will receive no less than 150 percent of the insurance premium should Harbaugh die while Michigan is honoring the agreement. Harbaugh's ammended contract is set to expire in December of 2021.