RussiansOnTheSpree
If that's how you define risk, then no one would get a mortgage to buy a house. It is perfectly fine to save several year's school fees upfront (which you can, if DC starts at state school for the first few years), and then, while the DC is at school, save the rest while he/she is attending the school. Also, there are insurances.
Look at the following risks, and the solutions:
(a) unemployment - But if you have saved up the first few years (let's say 3 years?) of school fees, you give yourself quite a lot of time to find another job. Plus, there is a thing you can get which is called income insurance that provides you with a bit of money while you're unemployed.
(b) death of parent - Hopefully, this will never happen, but again, there is life insurance and school fees insurance which pays when a parent passes away.
(c) loss of income due to illness - Again, there are insurances for this...
Yes, as a parent, you have to assume that you will stay in a well-paid job for quite some time. But the thing is if you can't assume that, then you shouldn't get a mortgage either.