SFS's School Fees Insurance pays a pre-set amount directly to a child's school each term in the event of a parent dying or suffering a terminal illness.The insurer discusses how this insurance can help families at a difficult time.
There is a lot to be said for targeting a niche audience. It's possible to tailor products to meet specific requirements and achieve a deep understanding of their needs, far more efficiently than competitors who have a wider product portfolio.
SFS Group have taken exactly this route, building a successful proposition over more than 25 years.
Targeting the independent schools sector, their products are designed especially for the particular needs of parents, pupils and schools.
Their range provides comprehensive protection, ensuring not only buildings and valuables are secure, but also their children's education and their futures.
SFS's School Fees Insurance is a unique product in the marketplace.
It pays a pre-set amount directly to the school each term in the event of a parent dying or suffering a terminal illness.
No medical underwriting is required and as payment is made to the school, it's not subject to inheritance tax or probate. Critical illness cover can also be added for an additional premium.
Around 70% of school fees are now paid out of taxed income with both parents working to pay for these.
If something happened to either one, there is simply no way they would have the funds to cover these fees.
Statistically, 1 in 29 school children will be bereaved of a parent and at such a traumatic time, a child needs the support of friends and teachers who can provide stability.
At SFS, excellent customer service is a key part of the proposition. Very often they deal with parents who have been bereaved recently. They can be one of the first companies that are contacted after death, so emotions are still incredibly raw. With such vulnerable customers, SFS is focused on providing swift, efficient and sensitive service, making the claims process as simple as possible.
SFS understand that their policies are about more than just finances; they provide stability and security in a time of crisis. Supporting parents, pupils and schools through the bereavement process is extremely important.
To help do this they have partnered with Child Bereavement UK, ensuring customers can find the right support if the worst should happen.
The national charity has a range of services available across the country, that can make a huge difference to those who are grieving. Unfortunately, the death of a parent is more common than you might think.
As well as this partnership, SFS have managed their own Charitable Trust for more than two decades, helping any parents deal with a sudden and unforeseen change in circumstances.
The Trust has helped dozens of children in their final year before exams, covering their school fees to allow them to complete their education in familiar surroundings.
The Trust reaches out far beyond customers and is true corporate social responsibility in action.
To find out more about SFS Group go to www.sfs-group.co.uk or follow them on Twitter or Facebook.
Paul and his wife Elizabeth wanted to give their two children, Jessica and Edward, the best possible start in life and opted to educate them privately.
As this was a large commitment for them and they were a little older than the average parent, they decided to take out School Fees Insurance.
Sadly, in 2006 Elizabeth passed away. At the time their children were only 12 and 7.
Having School Fees Insurance in place meant they could stay at their chosen schools, with their secure and caring environments helping them through their grief.
"The importance to my daughter of being able to talk about what was happening at home to her friends cannot be over stated" says Paul. "To have had to leave that circle, and the teachers who were aware of the situation, starting again in another school, would have been hugely damaging."
Paul's advice for any parents who are considering this insurance is "Do it. We all know that something bad might happen in the future, but of course it will "not happen to me" - guess what, it can."
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