Is HSBC The Best Life Insurance Policy?
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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 Criteria | Safe Rating | Our Review |
|---|---|---|
| Customer service satisfaction, claims and support |
3 star rating on Defaqto | |
| Coverage options |
Decreasing cover is provided | |
| Value for money |
Cover of up to £2 million is provided | |
| 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 |
Expert and customer satisfaction reviews for HSBC
| Review organisation | Consumer satisfaction rates for HSBC Life insurance |
|---|---|
| Trustpilot | 1,5/5 based on 2,779 reviews |
| Defaqto | 3 |
HSBC insurance in a nutshell
In summary, here are the main features you need to know when taking out life insurance with HSBC.
| Criteria | HSBC details |
|---|---|
| Minimum age | 17 years |
| Maximum age | 69 years |
| Pay-out | Up to £2,000,000 |
| Life insurance with free gifts | Not stated |
| Extras | A life insurance calculator is available on the website. |
| Terminal illness | Yes |
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.
| Criteria | HSBC life insurance |
|---|---|
| Minimum term | 5 years |
| Maximum term | 40 years |
| Pay-out | Up to £2,000,000 |
| Minimum monthly premium | Not stated |
| Extras or any interesting facts | Income cover option |
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.
| Criteria | Provider Details |
|---|---|
| HSBC term life insurance (level) |
|
| HSBC decreasing term life insurance, also known as life insurance for mortgage |
|
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 |
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:
| Criteria | Overall life insurance and critical illness cover |
|---|---|
| Coverage | The Critical illness cover that HSBC provides offers the following:
|
| Children's Cover |
|
| What should you know about HSBC critical illness cover? | In 2017, 99.9% of life claims were paid |
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:
| Service | Phone Numbers | Opening Hours |
|---|---|---|
| Get a quote at HSBC | 0800 032 4710 | Monday to Friday 8am to 9pm Saturday 9:30am to 7pm |
| How to claim at HSBC | 0345 745 6125 | Monday to Friday 8am to 6pm |
| How to cancel at HSBC | 0345 745 6125 | Monday to Friday 8am to 6pm |
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 |
| Social media | Facebook, Twitter, YouTube |
| Chatbot | Yes |
scottish widows life insurance contact number
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 |
| Claim by email | Not Available |
| Claim online | Not Available |
| Claim by phone | 0345 745 6125 |
Here are all the important HSBC life insurance contact number!
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 |
|
| Cancel by mail | HSBC Life (UK) Limited |
| Cancel by email | Not available |
| Cancel online | Not available |
| Cancel by phone | 0345 745 6125 |
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 |
|
| Quote phone | Not available |
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.
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.
Yes, it is worth getting life insurance when people depend on you financially, like your family.
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.
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.
Lots of life insurance providers offer free gifts:
- Royal London
- Legal & General
- Aviva
- Shepherds Friendly
- OneFamily
- British Seniors Insurance Agency
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.
