Income protection insurance for school fees

[Heatherbell1978]

All going well DS will be moving from state to private next year with DD following about 4 years after that. We've got a financial plan in place and are comfortable we can afford it. We're in Scotland where school fees aren't as eye-watering as some quoted on MN but definitely still a big financial commitment.

I'm quite risk averse so have insurance for everything and wondering if I can insure for school fees. I'm assuming it would just be income protection insurance but I don't see much online for it. I tried to get some online quotes but they all seem to want to speak on the phone and I can't be arsed with sales patter. I think income protection insurance was a big part of the mis-selling stuff in recent years so maybe not as popular now.

Does anyone have it? And how much do you pay?

We had it. But my children left in 2013 so it cost about £36 per child if I remember. We took it out in 2004 with the school fees trust (SFS) may have changed name now.
We took it out as it had a special deal on saying that if you had a pre existing condition they would still pay out if you died as long as it wasn't in the first year(unless by accident)
My husband had a brain tumour at this stage and he died in 2012 it paid my son's school fees (he left 2013)and expenses and paid £9k a year whilst at uni. paid my daughter enough to cover living expenses at uni. Well worth it for us but we were pre warned.

My husband also had income protection as he was self employed as a lawyer. Paid out a tax free sum every month which rose by 5% every year. It was tax free as the premiums were paid out of taxed income. It's a gamble. I've been paying income protection for years and critical illness and retire in 3 months so stopping premiums soon and have gained nothing

It's not quite clear what risk you want to insure against.

Are you worried about what happens if you are paying fees out of earned income but something happens that means you can't work for a period of time?

Or are you worried that you will be liable to pay the fees but something happens to your child that means they can't attend school for a period of time?

Or both? Each of these can be insured against. Consult a local IFA or insurance broker to provide you with a tailored solution to meet your needs. Online quotes won't do a proper job here.