SFS Group Life Insurance Scheme
Contributions & Benefits
Contributions
| Option 1: Life & Terminal Illness Protection | ||||||
|---|---|---|---|---|---|---|
| FIRST PARENT - CONTRIBUTION PER MONTH | SECOND PARENT- CONTRIBUTION PER MONTH | |||||
| Age at joining | 40 or under | 41-50 | 51-60 | 40 or under | 41-50 | 51-60 |
| Level A | £7.15 | £10.20 | £15.30 | £6.10 | £8.75 | £13.10 |
| Level B | £10.30 | £14.75 | £22.10 | £9.00 | £13.00 | £19.50 |
| Level C | £16.15 | £23.10 | £34.65 | £14.20 | £20.30 | £30.40 |
Example: For parents selecting level B cover where one parent is 48 and the second parent is 52, the cost would be £14.75+£19.50=£34.25 per month.
Supplement for life and terminal illness protection to cover a gap year and up to four years at university: £12.86 per month for FIRST parent, £10.24 per month for SECOND parent.
| Option 2: Critical Illness Protection | ||||||
|---|---|---|---|---|---|---|
| ONE PARENT - CONTRIBUTION PER MONTH | SECOND PARENT - CONTRIBUTION PER MONTH | |||||
| Age at joining | 40 or under | 41-50 | 51-60 | 40 or under | 41-50 | 51-60 |
| Level A | £12.85 | £23.70 | £38.00 | £11.50 | £21.35 | £34.20 |
| Level B | £15.45 | £31.00 | £53.20 | £14.05 | £27.85 | £48.00 |
| Level C | £24.80 | £48.25 | £85.60 | £22.55 | £43.55 | £76.90 |
Example: For parents selecting level B cover where one parent is 48 and the second parent is 52, the cost would be £31.00+£48.00=£79.00 per month.
Supplement for life and terminal illness protection to cover a gap year and up to four years at university: £12.86 per month for FIRST parent, £10.24 per month for SECOND parent.
| Option 3: Combined Life, Terminal & Critical Illness Protection | ||||||
|---|---|---|---|---|---|---|
| ONE PARENT - CONTRIBUTION PER MONTH | SECOND PARENT - CONTRIBUTION PER MONTH | |||||
| Age at joining | 40 or under | 41-50 | 51-60 | 40 or under | 41-50 | 51-60 |
| Level A | 16.00 | 27.15 | 42.65 | 14.00 | 24.00 | 37.80 |
| Level B | 20.60 | 36.55 | 60.25 | 18.45 | 32.70 | 54.00 |
| Level C | 32.75 | 57.10 | 96.20 | 29.35 | 53.70 | 85.90 |
Example: For parents selecting level B cover where one parent is 48 and the second parent is 52, the cost would be £36.55+£54.00=£90.55 per month.
Supplement for life and terminal illness protection to cover a gap year and up to four years at university: £12.86 per month for FIRST parent, £10.24 per month for SECOND parent.
Benefits
| BENEFITS PAID PER TERM IN THE EVENT OF A CLAIM | |||
|---|---|---|---|
| Child's age (at start of academic year) | Level A | Level B | Level C |
| 3-6 | £1170 | £1765 | £1765 |
| 7 | £1765 | £2315 | £3530 |
| 8-10 | £1875 | £2925 | £5625 |
| 11-12 | £2590 | £3585 | £6340 |
| 13-17 | £3280 | £4685 | £7015 |
| Gap Year | £1500 | £1500 | £1500 |
| University Years | £3000 | £3000 | £3000 |
Contributions and benefits are reviewed, although not necessarily changed, annually.
The effect of inflation on benefits
When assessing the value of benefits payable to your child's school in the event of your death or terminal illness, it is important to take into account the effect of inflation. For instance, if an estimated 6% inflation rate (assuming 2% above an annual R.P.I. of 4%) was applied to the termly amount of Level B, the full value of the maximum claim payable through the school and university years would be £355,038.37. This is an increase of 84% on the amount if the effects of inflation are excluded.