QBE launch insurance for private school fees
"It’s the only dedicated school fee insurance product in Australia."
QBE announced that it's launching a first-of-its-kind insurance product for the Australian insurance market: School Fee Protect Insurance by QBE. It hopes that the product will provide much-needed peace of mind to the parents of the roughly one-third of Australian school children who attend fee-paying schools.
“Consumers have always been able to insure their house, car, boat and even their pet, but until now they haven’t been able to insure private education, which is often the second most expensive household spend after the family home,” said QBE General Manager Consumer, Affinity and Banking Partnerships, Eleanor Debelle, in a statement.
If you're unable to pay your kid's private school fees because of involuntary unemployment, illness or injury, QBE will pay the school fees for you. You're covered for 6 months worth of fees for involuntary unemployment cover and 12 months for disability.
For the purposes of protecting your child's education, QBE sees School Fee Protect Insurance as superior to income protection insurance, which can exclude people from cover depending on the profession, can have long waiting periods and can be offset by other benefits. School Fee Protect Insurance, on the other hand, is not contingent upon your income, does not take into account your profession and has no waiting periods.
Those wanting to get cover will pay an annual premium, which will be calculated depending on a number of factors including the annual school fee and the number of children you're insuring. There is no discount for taking out a joint policy.
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