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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.
Counting
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)
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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?
We can provide you with a number of alternative solutions
that will provide a lump sum on the occurrence of
such events. Please e-mail or contact us for further
information.
The
Financial Services Authority does not regulate some
forms of critical illness and protection policies.
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