SFS Group Life Insurance Scheme
Pays benefits to cover a child's school fees if a parent dies or is diagnosed with a terminal or critical illness.
Parents can select from different types and levels of membership, and benefits are paid directly to the school or to the student at university. The Trustee of the SFS Group Life Insurance Scheme has chosen to insure its liability to pay benefits with Unum, a specialist insurer of such schemes. For more information, visit www.unum.co.uk.
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We all want to give our children the best possible start in life. For many, that includes choosing to educate them at independent schools.
But sometimes the events of life rob us of these choices. Loss of family income through death or illness means we lose the ability to choose.
The SFS Group Life Insurance Scheme enables you to continue with your choice of education for your children should you die, become terminally ill or suffer a critical illness such as a heart attack or cancer.
Types of Membership
You can choose from three types of membership:
- Option 1
-
Life & Terminal Illness Protection only
Pays benefits in the event of your death or diagnosis with a terminal illness.
- Option 2
-
Critical Illness Protection only
Pays benefits in the event of your diagnosis with one of 32 critical illnesses.
- Option 3
-
Combined Life, Terminal and Critical Illness Protection
Pays benefits in the event of your death or diagnosis with a terminal or critical illness.
Options 1 and 3 can be extended beyond the school years to offer life and terminal illness protection during a gap year and up to four years at university.
Benefits
- The Scheme will make termly tax-free* payments to your child's school until they are 18, then, if you so choose, directly to your child during a gap year and up to four years at university.
- In the case of a claim, the payments increase each year by the amount of the Retail Price Index plus 2% and will follow your child if he/she moves to another fee-paying school or university.
- You choose the level of Benefit that matches your fee expectations for your child. For example, if you plan to move your child to boarding school in the future, you should choose Level C now.
- A discount is offered on joint membership, and a 20% discount is applied if the combined protection of Option 3 is selected.
- No health or lifestyle questions are asked (although any pre-existing conditions will preclude any benefit in the event of a claim).
- If critical illness protection is selected and your named child is diagnosed with a critical illness, a lump sum of £20,000 will be paid.
* under current legislation
Your Commitment
- To provide us with all relevant information when applying for membership of the Scheme and claiming benefits. If you do not do this, we may not pay your benefits.
- To pay all regular contributions throughout your membership of the Scheme.
Risk Factors
- You will not be entitled to benefits if you do not make your contributions in time. However, you do not need to make contributions when benefits are being paid.
- Your plan has no cash-in value at any time.
- Although you are able to join the Scheme without answering any medical questions, if you already have a serious medical condition as detailed in our terms and conditions and you were to die or be diagnosed with a terminal or critical illness by a doctor as a result of it, you would not be eligible for benefits under the terms of the Scheme.
- If you have a family history of Alzheimer's Disease, Motor Neurone Disease or Parkinson's Disease and you are diagnosed with one of these critical illnesses, you will not be protected under this policy.
- Applicants must be aged 60 or under at the time of joining to qualify for membership including life and terminal illness protection (Option 1); and aged 55 or under at the time of joining to qualify for membership including critical illness protection (Options 2 and 3).
What is the legal structure of the SFS Group Life Insurance Scheme?
The SFS Group Life Insurance Scheme is established as a trust for the benefit of its members and its trustee is SFTS Trustees Limited. The Trustee collects contributions, and pays benefits to members. To enable the Trustee to pay benefits as they fall due, it has chosen to insure its liability to pay benefits with Unum, a specialist insurer of such schemes.
Contibutions & Benefits
Click here to view the Contributions & Benefits tables for The SFS Group Life Insurance Scheme.
Critical Illness Defined
Click here to view the Critical Illnesss Definitions for The SFS Group Life Insurance Scheme.
Terms & Conditions
Click here to view the full Terms & Conditions for The SFS Group Life Insurance Scheme.