freephone 0800 862 0373
Sign in to view your quotes
Email address:
Password or PIN:

Forgotten your password? Reset it here.

LV urge parents to consider income protection as university costs escalate

Published on 21/08/2012

With the rising costs of tuition fees, insurer LV= has urged parents to consider income protection insurance if their children are heading to university.

According to the new Cost of University study from LV=, university students starting degrees this September will be left with £53,330 of debts by the time they emerge three years later into the job market.

Alongside tuition fees of £26,310 over three years, accommodation will average £12,500, and food £4,300. Essentials such as household bills, books and travel expenses further increase the cost of attending university.

In contrast, the average student graduating in July this year would have owed around £23,000, according to separate figures from

The research by LV= shows that less than one in ten students will be meeting the costs of university themselves. One fifth of parents said they are intending to cover the entire cost of their child’s education.

Consequently, LV= is encouraging parents with children going to university to seek help with their finances. Head of protection Mark Jones says:

"The huge cost of attending university makes it a massive financial commitment either for parents or students themselves."

"If parents are planning on helping their children cover the cost of university it is wise not only to look at the savings they expect to have in place, but also discuss the need for life cover and income protection, which can provide invaluable financial security for families should circumstances change."

Income protection insurance will replace your income if you are unable to work because of accident, sickness or unemployment. The monthly pay out usually totals up to 70 per cent of your salary, and is completely tax free.

With income protection, parents who are helping their children meet the costs of university would be able to maintain their standard of living if their income was unexpectedly cut off.

© ActiveQuote Ltd. 2012

Categories:  Income Protection
LV urge parents to consider income protection as university costs escalateWith the rising costs of tuition fees, insurer LV= has urged parents to consider income protection insurance if their children are heading t    tweet it on twittershare with your friends on Facebookshare with your friends on MySpaceBlog it on your LinkedIn profile

No.1 health insurance broker as rated by customers

Excellent service. Explained everything in detail and really helped to find the right insurance best suited to my needs - which wasn't necessarily the most expensive. 

Review centre member

Good value and the advisor was very helpful and recommended the best policy for my grandson. I would definitely use this service again and recommend to others.

Review centre member

We were contacted in good time to make a knowledgable choice. We were given plenty of options with lots of information to enable us to make the right choice.

Review centre member

The service I received was excellent, the staff member was very efficient and knowledgable. She went out of her way to get the best policy for me.

Review centre member

Great service. I really appreciated the help provided by Active Quote to arrange health insurance. The agent was very informative and proactive. Many thanks!

Review centre member

I received excellent care and attention from the first phone call till the last. Friendly, efficient and patient.

Review centre member

Staff are very helpful, friendly and polite. They call back when they say they will and keep you up to date with progress. Pleasure to deal with.

Review centre member

Very polite and friendly, and gave detailed explanations of all aspects of the cover. Reassuring to know that if you do have a problem there is someone you can contact.

Review centre member

Friendly and efficient. Nothing was too much trouble even when i needed to make a small change, excellent service.

Review centre member

The advisor was incredibly helpful and fully explained the differences between the policies. I really liked the fact that I was put under no pressure.

Review centre member
This site is operated by Insurance Broker ActiveQuote Ltd registered in England & Wales company number 6765845.
Authorised and Regulated by the Financial Conduct Authority (FCA). Firm reference number 501109 as detailed on the Financial Services Register. Please read our Key Facts document.
For information about your rights as a consumer visit Citizens Advice.

Our insurance comparison service is free and easy for you to use, but you are responsible for making sure all your information is entered correctly, and for choosing your insurer.

This site uses cookies in order to work correctly - these are not harmful and do not contain personal information. By using this site you consent to this. I understand  Tell me more

please wait ...