Is HSBC The Best Life Insurance Policy?

antoine fruchard Antoine Fruchard  updated on July 29, 2020

This is the ultimate review to guide you through the ins and outs of HSBC life insurance. You might already know that HSBC has several different contract options. 

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is HSBC the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you. 

HSBC life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with HSBC. 

4 Safe overall rating for HSBC

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

3 star rating on Defaqto
Policy documents are available on the website
Chat bot is available
Live chat option is available
1.5/5 rating on TrustPilot

Coverage options

Decreasing cover is provided
Accidental death benefit of up to £250,000 is given
Income cover is offered
Cover is provided for up to 30 critical conditions
No whole of life or over 50s cover is provided

Value for money

Cover of up to £2 million is provided
Income cover can be gotten for as low as £1 per month
Gift cards are not provided
With HSBC, if you stop paying your premiums, you won’t get any money back and your cover will stop

Financial strength

In 2017, its insurance arm in the UK paid out 99.9% of life claims

Apps and technologies

Quotes can be gotten online
Very detailed information is provided on the website
Policy documents can be easily accessed
Chatbot is available
Live Chat option is available

Safe rating for HSBC Life insurance

Expert and customer satisfaction reviews for HSBC

Review organisationConsumer satisfaction rates for HSBC Life insurance
Trustpilot1,5/5 based on 2,779 reviews
Defaqto3
Experts rating for HSBC

HSBC insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with HSBC. 

CriteriaHSBC details
Minimum age17 years
Maximum age 69 years
Pay-outUp to £2,000,000
Life insurance with free giftsNot stated
Extras

A life insurance calculator is available on the website.

Terminal illnessYes
HSBC life insurance in a nutshell

What are HSBC life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between: 

  • Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option. 
  • Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage. 

What is HSBC term life insurance? 

There are two term life insurance options:

  • Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs. 
  • Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
CriteriaHSBC life insurance
Minimum term5 years
Maximum term40 years
Pay-outUp to £2,000,000
Minimum monthly premiumNot stated
Extras or any interesting facts 

Income cover option

HSBC term life insurance

Should you take level or decreasing term life insurance?

HSBC offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance. 

CriteriaProvider Details
HSBC term life insurance (level)
  • HSBC provides life insurance for people between 17 and 69 years old
  • Cover is provided in the case that the policyholder has been diagnosed with a terminal illness within the duration of the policy
  • Additional cover options like Accidental Death Benefit and Interim Life Cover are provided
  • Cover of up to £2 million is provided
  • Joint Life Policy is provided
HSBC decreasing term life insurance, also known as life insurance for mortgage
  • With decreasing cover that HSBC provides, the value of the policy gradually decreases during the duration of the policy till it reaches £0
  • The amount paid for the premium never change
  • This cover can be used to pay off a repayment mortgage or long-term loan in the event that the policyholder dies during the policy term
Level or decreasing life insurance

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

HSBC does not offer Increasing cover

Can you take out a HSBC life insurance with someone else?

Yes, you can either have a single or a joint policy at HSBC.

Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner. 

Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level. 

 What are HSBC life insurance extras? 

You can add these extras at additional cost to your HSBC life insurance: 

Details Reviews
Income cover option

Cover is provided in the case that a policyholder cannot work as a result of a medical condition. This cover is provided for up to 2 years.

Waiver of premium

Waiver of premium allows policyholders to stop paying premiums during the claim period.

Accidental death benefit

Cover up to £250,000 is provided

Bereavement support service

This service is provided to the family members of the policyholder in the case that he/she dies

Claims assessor support

Claims assessors are provided to offer support to policyholders

HSBC life insurance extras

Should you take out HSBC life insurance critical illness cover?

What is critical illness cover? 

It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away. 

Is HSBC the best critical illness cover? 

Here are the main features when you take out HSBC life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Critical illness cover that HSBC provides offers the following:

  • Up to £1,000,000 worth of cover for critical illnesses
  • Cover for up to 35 specified Critical Illnesses or surgical procedures
  • Option to pick between Level or Decreasing Cover
  • Provision of Children’s cover
Children’s Cover
  • The children cover provided by HSBC is valid for children between 30 days old and 21 years old.
  • This cover provides up to £25,000 or 50% of the amount of cover in the case that the child is diagnosed with one of the critical conditions.
What should you know about HSBC critical illness cover?

In 2017, 99.9% of life claims were paid

HSBC life insurance

How much is HSBC life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors: 

  • Your medical conditions
  • Whether or not you are a smoker 
  • Which add-ons you add to your life insurance 
  • Your salary
  • The coverage you want
  • Whether you take out a joint policy or not 

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection? 

How to contact HSBC life insurance?

Here are all the important phone numbers for contacting HSBC life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at HSBC 0800 032 4710Monday to Friday 8am to 9pm
Saturday 9:30am to 7pm
How to claim at HSBC0345 745 6125Monday to Friday 8am to 6pm
How to cancel at HSBC

0345 745 6125

Monday to Friday 8am to 6pm
HSBC phone numbers

What are HSBC general contact details? 

You will find in this table all the general contacts that you would need if you want to reach HSBC life insurance: 

General contacts
Mailing address

HSBC Life (UK) Limited
Canada Square
London
E14 5HQ

Social media 

Facebook, Twitter, YouTube

Chatbot

Yes

HSBC general contacts

How to claim at HSBC life insurance? 

You will find on this table the different possibilities for reporting a claim on your HSBC life insurance: 

How to claim on your life insurance at HSBC?
When to claim?

Claims should be made as soon as possible.

Claim by mail

HSBC Life (UK) Limited
Claims Department
Customer Services Centre
PO Box 6176
Coventry CV3 9HN

Claim by emailNot Available
Claim online

Not Available

Claim by phone0345 745 6125
Claim at HSBC life insurance

How to cancel my HSBC life insurance? 

You will find on this table the different ways to cancel your HSBC life insurance: 

How to cancel your life insurance at HSBC
Fees
  • If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully
  • If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail

HSBC Life (UK) Limited
Claims Department
Customer Services Centre
PO Box 6176
Coventry CV3 9HN

Cancel by email

Not available

Cancel onlineNot available
Cancel by phone

0345 745 6125

How to cancel my HSBC life insurance?

How do I get HSBC life insurance quotes? 

Here are the different ways to get a life insurance quote at HSBC: 

How to get a life insurance quote at HSBC
Quote online
  • On the Home Page, Click on the "Get a quote" option
Quote phoneNot available
Get a quote at HSBC

How do I log into HSBC life insurance?

Click on the "Log on" option on the Homepage

Do we recommend HSBC life insurance?

HSBC is one of the world’s largest banking and financial services organizations, and so far, it provides services for up to 36 million people worldwide. HSBC has over 600 branches in the UK and has long understood the importance of protection. In 2017, its insurance arm in the UK paid out 99.9% of life claims. They offer cover of up to £2m, decreasing term cover, accidental benefit cover, among others. Their ratings are however low with a 1.5/5 rating on TrustPilot and an average rating of 3 stars on Defaqto. There are other better life insurance services that can be recommended, and adequate research should be made to find one that would suit your needs as a policyholder.

What is life insurance? 

Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away. 

How does life insurance work in the UK?

Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover. 

Is life insurance worth getting?

Yes, it is worth getting life insurance when people depend on you financially, like your family.

What are the best life insurance with free gifts?

Lots of life insurance providers offer free gifts: 
– Royal London
– Legal & General
– Aviva
– Shepherds Friendly 
– OneFamily 
– British Seniors Insurance Agency

How much is life insurance in the UK? 

How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out  a whole life insurance policy. 

What is the best life insurance in UK?

There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you. 
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.