University Life Insurance Scheme

Students in the UK are currently graduating with average debt of £15,000. This is expected to increase to £24,000 with the introduction of annual top-up fees in 2006.

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 Life Insurance Scheme fills this financial gap for children of members who have died or developed a terminal illness. The Scheme provides benefits of £7,500 or £12,000 per year for up to four years whilst the children are at university and up to £4,500 per year during a gap year.

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Benefits

The Scheme will pay termly benefits in the event of your death or terminal illness. Benefit will be paid to your child during a gap year and up to four years while at university.
In the case of a claim, the benefits paid will increase each year by the increase in the Retail Price Index plus 2%.
Either or both parents may join the Scheme.

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 contributions as they fall due throughout your membership of the Scheme, although no contributions are needed once benefits are being paid.

Risk factors

You will not be entitled to benefits if you do not make your contributions on time.
The benefits paid to your child may be subject to tax.
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 have a pre-existing medical condition, as detailed in our terms and conditions and you were to die or be diagnosed with a terminal illness by a doctor as a result of it, you would not be eligible for benefits under the terms of the Scheme.
Applicants must be aged 60 or under at the time of joining to qualify for membership of the SFS Group University Life Insurance Scheme.