School fees and costs can add up, and if something were to happen to you or your partner, an education cover insurance policy can ensure a secure and stable education for them.
The cost of your child’s education at a state school is often overshadowed by its more expensive rival the private school, but it must not be overlooked.
It costs around £700 per year to send your child to a state primary school, and a state secondary school is around £1,200 per year.
If you consider the following – school uniform, sports kit, school trips, stationery, projects, school lunch, travel, extra-curricular activities – this is hardly surprising.
(If you have made the decision to send your child to a private school – as well as the costs above, the average school fees will amount to around £10,100 per year for day school, and £24,000 per year for boarding school.)
University tuition fees have been increased to a maximum of £9,000 per year from 2012-2013 – this does not take into account accommodation, food, socialising and all the other things that students get up to. Some experts predict it can cost as much as £60,000 all in to put your children through university.
This is the reason why students today are expected to leave college with a debt upwards of £25,000.
Provide funds for school expenses
You can make sure that your child’s education is secure, even if something should happen to you or your partner, by taking out a specialist Education Cover insurance policy.
A comprehensive education plan would pay out the following in the event of your death:
- Funds every term to pay for school expenses such as uniforms, books and school trips – a typical plan would pay out £750 per term for this
- University tuition fees up to £9,000 per year
- If you have private school cover, the plan would pay the fees directly to the school up to around £10,000 per term (this would remove the temptation for the surviving partner to use the funds for another use.)
Cost of education plan
You can ‘bolt on’ an education plan to an existing life insurance policy – it can cost as little as £5 per month.
Specific school cost insurance is new on the market, so at the moment can only be taken out as a ‘bolt on’ to other insurance benefits.
However it will undoubtedly be available soon as a stand-alone benefit.