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Although many students work as much as is practicable, parents also try to mitigate their children's growing levels of debt with financial help. So how well would your children cope financially without you if you were to die or become terminally ill?
The University Fees Insurance scheme fills this financial gap for children of members who have died or developed a terminal illness. It provides benefits of £15,000 per year for up to four years whilst the children are at university and £3,000 during a gap year.
The University Fees Insurance scheme has been designed to compliment the Schools Fees Insurance scheme and if you have been a member of the latter then you can join the University Fees Insurance scheme without any additional medical or lifestyle underwriting.
- Unique tax and probate efficient structure enabling proceeds to be kept out of the deceased estate
- Coverage against death and terminal illness
- Automatic fee tracker that increases the claim benefits by inflation (Retail Price Index)
- No medical underwriting or lifestyle questions if you have previously been a member of the School Fees Trust Scheme
- Cover can be purchased simply and securely on-line
Please view the terms and conditions for a full explanation of cover and look at the FAQs or contact us if you have any questions.
I am a UK citizen but live and work abroad – may I join?
Yes, any member of the European Union (EU), or a Foreign National resident in the European Union may join regardless of where they work in the world. Any non-EU national may join providing they are resident in the EU. However, all contributions should be payable from a UK bank account.
I am a member of the School Fees Trust Scheme and I wish to simply continue the cover for when my child is at university – what should I do?
If you are an existing member of the School Fees Trust Scheme you will be sent the information about the University Trust Scheme at the beginning of the summer term before your child leaves school at 18. This is an extension to the School Fees Trust Scheme, which means that we can continue cover without any further questions about your current health (any previous pre-existing conditions will still apply). Unless you tell us that you wish to cancel your policy we will collect your monthly premium at the beginning of May. The Scheme will terminate automatically when your child reaches 23. You may terminate cover at any time giving 30 days notice in writing.
I have not been a member of the School fees Trust Scheme but wish to join the University Trust Scheme – how can I join?
If you have not been a member of the School Fees Trust Scheme then you may join the scheme but you may only make a claim in the first twelve months if you die in an accident, not from natural causes or suicide. Please see the definition of Accidental Death in the Terms and Conditions.
What level of benefit is available under the scheme?
During a gap year the policy benefit is £3,000 per year and this increases to £15,000 per year for four years whilst at university. This is paid on a termly basis in September, January and May.
Who insures the University Trust Scheme?
The Scheme is underwritten by Unum Ltd. The Scheme is designed and managed by SFS Group Ltd, incorporated in 1989, and all premiums are paid to SFTS Trustees Ltd, a specialist trust company that SFS Group use for the collection of premiums and payment of claims.
What is the legal structure of the University Trust Scheme?
It is established by Trust deed as a Trust for the benefit of its members (parents). Its Trustee is SFTS Trustees Ltd, a company regulated by the FCA whose director is a partner with Lawrence Graham, solicitors. The Trustee collects contribution and pays out benefits to universities and students.
These liabilities are insured with Unum, a specialist insurer of such schemes. SFS Group Ltd is appointed by SFTS Trustees to manage the Scheme on its behalf. (The Trust deed and other information are available upon request from SFS Group Ltd).
Are there any age limits to join?
Yes, a parent must be aged 60 or under in the first year that they were offered the Scheme. This does not apply to existing members of the School Fees Trust Scheme.
When does cover start under the Scheme?
Cover starts for existing members of the School Fees Trust Scheme who are continuing cover in the University Trust Scheme in May of the academic year in which a child reaches 18. If you are a new member cover will start from the month in which we collect your first contribution.
Can I increase my amount of cover to adding a spouse or additional children?
Yes, but the accidental death limitation applies to the amount of increased cover. For example, if you had one parent covered under the School Fees Trust Scheme but you wanted both parents to be covered for the University Trust Scheme then a claim would only be paid on the additional parent in the event of accidental death.
How is Accidental Death defined?
It shall mean death from an accident caused directly and immediately by violent, external and visible means and not directly or indirectly as a result of suicide or any fit, physical defect, disorder or illness and such accident shall within ninety days of its occurring be the sole and immediate cause of death.
How much will it cost to insure both parents?
We automatically give you a 10% discount on the second insured person.
If I pay the first premium, but a month later decide not to proceed with this insurance, can I cancel this policy?
Yes, we will give a refund of the first premium already paid. Normally it is the responsibility of the parent to give SFS Group 30 days notice of cancellation in writing. NB It is, regrettably, not possible to give a refund for other past periods of cover if you decide to cancel at a later date.
What happens in the event of a claim?
Your dependants forward your certificate of insurance, the death certificate and the birth certificates of both the insured and the student. Benefits will be paid to the student or university from the beginning of the following term.
What happens if my child moves university while a claim is being paid?
The benefits follow them from university to university even if it is an university abroad. Please note, the benefits can only be paid in Pounds Sterling (GBP).
What happens if my child leaves university entirely while a claim is being paid?
Any remaining benefits would be paid into the School Fees Charitable Trust to help other parents.
When does the Scheme end?
You may end it at any time by giving us 30 days notice in writing or by email. The scheme ends in the April of the year that a student reaches 23.
What is my commitment?
To provide us truthfully with all relevant information when joining the Scheme and to pay your monthly contributions. To advise the SFS Group in writing of any change of circumstances, i.e. change of university, change of address or cancellation of policy.
Click here to download the Terms and Conditions PDF.