Education Cover with VitalityLife

All parents want their children to fulfill their potential. But this usually costs money. When you include things like extra curricular activities and school trips, it can cost almost £1,200 a year to send a child to a state secondary school. Private school fees and university fees cost a lot more.

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  • It can cost almost £1,2001 a year to send a child to a state secondary school
  • The average private school now costs parents £4,5962 a term – taking inflation into account, that means a child starting private school now, aged 5, would cost their parents £235,0002 in fees by the time they reached 18
  • School fees have gone up by 29% over the last five years2
  • The Government has raised tuition fees for 2012/2013 to a maximum of £9,000 a year3
  •  A student starting university could expect to leave with a debt of around £53,0004

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Education Cover is designed to make sure that your children don’t have to miss out on any part of school life, even if something happens to you. If you die we’ll pay a range of benefits for each child on your plan, to help cover the costs of their education. You can even choose cover that will pay if you become seriously ill.

What the average family spends each year on their children’s education

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Average private school fees

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Here’s how Education Cover helps

We give your family regular payments to cover school costs

Every school term we’ll pay your family £817 for every child covered, to help meet the cost of things like uniforms, books and school trips. It means they don’t have to miss out on the things that make up everyday school life.

We pay a £1,000 Star Award if your child excels at an activity

If your child excels at an activity – for instance, if they reach Grade 8 in a musical instrument, get a gold Duke of Edinburgh Award or are picked for a national sports team – we pay a one-off £1,000 Star Award (per child) to help nurture their talent.

We pay the fees if your child goes on to further or higher education

If your child goes on to university, we cover the cost of their tuition fees. So, you don’t have to worry about your family getting into debt if your child wants to carry on studying. We also cover fees for other qualifications like Certificates or Diplomas of Higher Education, or Higher National Certificates and Diplomas. There’s a maximum, currently £9,000. If the Government increases tuition fees, this maximum will go up too.

Even if your child doesn’t go on to further or higher education, we’ll still support them after they turn 18

Even if your child doesn’t go on to university or further education, we will still give them £3,000 every year for three years. The money can help pay for personal development – things like evening classes or specialist training – or just give them a little extra support as they start their career.

We’ll even pay private school fees

If you choose our Private School option, we’ll even pay private school fees. You can choose to cover Day fees or Boarding fees. We’ll pay up to a maximum of £10,920 per term per child.

We make sure your benefits keep up with rising school costs

The costs of education are rising all the time. So, we review our benefits each school year, to make sure you’re always covered for the right amount. If we need to increase your cover, your premiums will increase to reflect that.

We’ll give your family extra support if one of your children falls ill

If your child is hospitalised for more than 10 days while we’re paying Education Cover, or if they miss more than 20 consecutive days of school because of illness, we pay a one-off School Absence Benefit of £1,000. Your family can
use the money towards treatment or extra tuition.

And if you’ve got Education Cover, you get free Serious Illness Cover for your child too. This means that, if they fall seriously ill, we pay a lump sum to help your family cope. Depending on how severe the illness is, that lump sum can
be up to £5,000.

Case Study

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Choosing the right cover

There are three options available within our Education Cover: our State School option, the Private School Day option and the Private School Boarding option.

This table shows what’s included with each option along with a typical initial monthly premium. The figures are based on a 40-year old non-smoker taking out cover that will support his 7-year old child if he dies. Remember that this cover is designed to increase as the costs of education increase – so, the premiums will be reviewed every year and might increase too.

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Sources:
1. Source: Cost of Schooling 2007, BMRB Social Research | 2. ISC Census 2012 | 3. How much will university or college cost? <www.direct.gov.uk>
4 Average UK student debts ‘could hit £53,000 http://www.bbc.co.uk/news/education-14488312