HSBC Insurance Brokers has released a policy to insure parents who have children in fee-paying schools against redundancy and sickness.
The HSBC Redundancy Scheme, which is available through schools, covers the cost of fees for up to one year if the parent is made redundant, and up to three years in the case of disability.
Marketing director David Collard said: "Parents are increasingly opting for independent education for their children and paying for education costs from their earnings.
"This scheme will safeguard their childrens' education in the event of ill health or unemployment. So far, it has been adopted successfully by 15 schools and has already proven attractive to more than 5,000 parents."
The premium is 1.8% of the school fee per term.
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