School Fees Protection

If you’re one of the many thousands of parents who have opted to put their children through private education, have you considered what would happen if you were unable to pay the fees because of your ill-health or premature death?

According to a recent survey by the Independent School Council Information Service (2002), the average annual school fees in the independent sector are now £6,700 for a day pupil and £15,365 for a boarder. In addition, there are other costs such as bills for the school bus, ski trips and music lessons.

The cost of funding a private education

Day school: £6,700

Boarding school: £15,365

School lunches (boarding schools and some day schools include these in the fees): £450 a year

Private bus to school: £360 a year

Uniform (including sports kit): £350 for new pupil then £200 a year

Books: £200 a year (some schools do not charge but ask for the books to be left behind or paid for if lost)

Exam fees: £400 for a set of GCSEs
(or £50 a paper)

Music lessons (one instrument):
£660 a year

School trips: several hundred pounds,
especially if this includes a tour abroad

Extra tuition: £10 an hour minimum
to help children get through exams

Source: Independent School Council Information Service (2002)

What if the worst happened?

When was the last time you checked to see whether you had sufficient protection to meet the school fees should you die prematurely, become critically ill or be unable to work due to ill health, sickness or an accident? An independent financial adviser can provide you with a number of alternative solutions that will provide a lump sum on the occurrence of such events.