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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Income Protection Life
Income protection is a form of life assurance that pays out a regular income rather than a lump sum.
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Friday 18th July 2008
Britons who send their children to private schools should consider taking out an income protection policy to help cope with rising fees, one expert has advised.
Equity Partners, an IFA specialising in school fees, has advised parents that an income protection policy can ensure education costs are met even if fees increase.
Kevin Tooze, managing director of the IFA, said: "If you want to protect the income that you earn, which is enabling you to pay school fees, you really need to look at an income protection policy."
As income protection deals tend to cover just two-thirds of a policy-holders actual income, policies to cover school feeds "should be indexed".
"Otherwise [the policy is] not going to keep anywhere near the rate of increases, as we've just experienced with schools," Mr Tooze added.
Research published last week by Halifax revealed that school fees have risen by 40 per cent in the past five years.
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