About HSBC Life Insurance

Founded in 1836, HSBC is one of the world’s largest financial services organisations. Globally, HSBC serves over 40 million customers and has a network spanning 64 countries worldwide. In the UK, HSBC provides both personal and business services across a large number of high street branches, as well as online customer support.

In 2019 the insurance arm of the bank, HSBC Life, paid out the full 100% of life cover claims, to the total value of ÂŁ36m. HSBC Life also reportedly paid 98% of claims under critical illness policies in 2019, equalling ÂŁ27m.

What types of life insurance does HSBC offer?

HSBC offers life cover, critical illness cover and income cover through HSBC Life, the insurance arm of the company. HSBC Life cover can provide peace of mind that you and your family are protected financially if the worst happens. Life cover can help to relieve the financial burden that families can face following the death of a loved one.

HSBC offers a range of life insurance policies with cover up to ÂŁ2 million, which is payable on death or terminal illness diagnosis. To be eligible for HSBC life cover, you must be aged between 17 and 69 and the policy cover must expire before your 80th birthday.

When you take out life cover with HSBC, you'll agree on the term of the policy and the type of cover that you need. The most suitable policy will depend on your circumstances, and whether you're looking for a guaranteed lump sum benefit. HSBC offers two types of life insurance policy: level-term cover or decreasing-term cover.

If you opt for a level term life insurance policy, the lump sum amount remains the same through the full policy term. The monthly premium payments will stay the same for the duration of the policy. When you take out level term cover, you know the exact amount of money that the policy will pay out in the event of the policyholder’s death.

Decreasing cover (often known as mortgage cover), your monthly payments stay the same over the term of the policy. However, the amount that the policy pays out decreases over time. Decreasing term cover is designed to reduce in line with an outstanding debt, such as a mortgage or loan.

HSBC Life Cover offers the option of both single life cover or joint life cover, depending on your family circumstances and requirements.

To take out single life cover, you must specify the fixed term which ends no later than your 80th birthday. The policy ends automatically when a claim is made. 

HSBC joint life cover protects two individuals on a first death basis, paying out the benefit on the death of the first person during the policy term. At this stage, the surviving individual will no longer have life cover.

What other protection does HSBC offer?

Alongside standard life cover, HSBC offers critical illness cover and income cover. Critical illness protection and income cover can provide financial support if you become unexpectedly ill and unable to work as a result of an accident or injury. 

HSBC Critical Illness Cover 

HSBC critical illness cover provides a lump sum of up to £1 million if you're diagnosed with one of the 35 specified illnesses or procedures. The lump sum  paid is free from UK income and capital gains tax. You can choose level term or decreasing term critical illness cover.

Children's critical illness benefit is automatically included with HSBC critical illness cover. This means that if any of your children are diagnosed with a specified critical illness, you can receive a lump sum payment of ÂŁ25,000.

HSBC Income Cover

HSBC income cover will pay a monthly sum to help replace any loss of earnings due to an accident or injury, free from income tax. You can choose to receive a monthly payment for up to two years if you cannot work, or you can opt to continue receiving payments until retirement age.

HSBC offers specialist rehabilitation services to income cover policyholders. The specialist teams can help you to get practical help and access psychological and physical treatment to speed up the recovery process.

Why choose HSBC life insurance?

If you take out HSBC life cover, you'll receive free Accidental Death cover up to the value of ÂŁ250,000 until your life insurance policy start date whilst the policy is approved. This gives you peace of mind that you have life cover if you die in an accident before the policy starts.

To make the claims process as stress-free as possible, at HSBC you’ll speak directly to a specially trained claims manager. This allows HSBC to ensure that you receive personalised help to help guide you through the claims process.

The HSBC Bereavement Support Team offers ongoing support and advice in the event of losing a loved one. Whether you need emotional or practical support during challenging times, the support team will be on hand. Specialist advice is also available to help customers to manage their money after a bereavement.

Contact HSBC

If you are an existing HSBC customer and registered for HSBC Internet Banking, you can apply for HSBC single life insurance cover online at www.hsbc.co.uk/insurance/products/life/cover. If you’re a new customer, you’ll need to open a bank account with HSBC first. 

HSBC joint life cover is available in-branch only so contact your local HSBC for more information.

If you’re looking for personalised advice about the most suitable life cover for you and your family, you can book an appointment with the Wealth Advice Centre by contacting wealthadvicecentre@hsbc.co.uk who will contact you to arrange an appointment.

HSBC life cover is underwritten by HSBC Life (UK) Ltd.


22nd September 2020