HSBC Life Insurance
What are the benefits of insuring with HSBC?
Learn about HSBC Life, a subsidiary of HSBC Bank plc, with over 30 years of experience and 14 million UK customers protected and the benefits of insuring with HSBC.
HSBC. It doesn’t stand for Halloumi and Sriracha on Baked Ciabatta, but it does stand for a lot of worthy and noble causes, such as “bringing together the people, ideas and capital that nurture progress and growth, helping to create a better world,” as HSBC themselves so succinctly puts it.
Though often associated with banking, HSBC offers other financial services, such as life insurance protection, to ensure that the future of you and your loved ones is equally as financially secure as it is today.
But they do more than that, too. With a wide range of benefits available to those with a HSBC life insurance or critical illness cover product – such as:
- HSBC’s Second Medical Opinion service
- Remote GP Consultations with the HSBC Life app
- Prescription Services available through the app
- Physiotherapy services via HSBC Life
- HSBC’s Health MOT available on the app
- Mental Health Support and other HSBC Life services
HSBC helps you protect against the worst – and live at your best (halloumi sandwiches, not included).
A brief introduction to HSBC
HSBC, which actually stands for the Hong Kong and Shanghai Bank Corporation, was founded in 1865 to finance trade between Europe and Asia.
HSBC Life (UK) Limited is a subsidiary of HSBC Bank plc and was founded in the UK in 1988. HSBC Life (UK) Limited offers insurance services to meet protection and investment management needs.
With over 30 years of experience and over 14 million customers in the UK (and approximately 39 million worldwide! Imagine their Christmas card list), HSBC have unsurprisingly become one of the world’s largest banking and financial services organisations, their reach spreading across 62 countries.
According to Forbes, Global 2000, HSBC was ranked as the 20th largest business in the world! Now, this does not mean that they’re a little too sizable to fit on rides at Disneyland, but rather that their impact and value encompasses such a large portion of the population that there’s only 19 other global businesses doing the same.
What products does HSBC offer?
HSBC provides various types of life insurance and other insurance aspects:
Life coverA life insurance policy is taken out over a fixed period (the term), and by paying a monthly fee (the premium) your loved ones are entitled to a lump-sum paid out (the cover) should you pass away during the term.
Life insurance offers peace of mind for yourself, knowing that you’re doing your part in protecting their futures, even if you’re no longer around for it.
(HSBC doesn’t offer whole of life insurance, and the maximum term for life cover is up to the age of 80 years old).
Critical illness coverFor a monthly premium, critical illness cover can offer you a lump-sum payment should you be diagnosed with a critical illness (Protect Line has collated some of the main conditions classed as critical illness by the ABI) and thus affecting your everyday life.
This often results in loss of income, household bills stacking up and general day-to-day anxiety about how your outgoing expenses will be covered, depending on your personal circumstances. Which is why a critical illness policy is often used to help you cover those bills and day-to-day expenses – or you could use it to fund private medical care, providing that little extra peace of mind during what is already a tough situation. Critical illness insurance can be taken out as a standalone policy or as an add-on to your life insurance.
Income coverIncome protection works similarly to life insurance in that you pay fixed monthly payments throughout the term of your policy, however, once a claim has been made, the cover is paid out in monthly instalments. This kind of protection allows you to ensure your bills and other living expenses are covered each month, in the place of the monthly earnings you might be missing due to whatever circumstance has stopped you working for the time being.
Various other insurance policiesIncluding worldwide travel insurance, home insurance, business insurance, pet insurance, and more.
*Note: Not all types of cover listed above are available through Protect Line. Our specialists will be able to give you the options available to you and compare these against the insurers on our panel.
For quotes on the various HSBC policies, fill out our online quote form and have a chat with our friendly and professional team to help you find what you’re looking for.
6 Benefits of Insuring with HSBC
With every existing or new HSBC insurance policy comes the provision of the HSBC Life online health services app. Having partnered with Square Health, HSBC is adamant on providing all life insurance and critical illness customers with expert medical assistance and wellbeing support – no consultations fees attached. Within this app, you can access the following added-value services:
1. HSBC’s Second Medical Opinion service
Think of this benefit as an additional layer of reassurance. These UK-based medical specialists are available for second opinions regarding checking a diagnosis, treatment options advice and any other medical questions you might have. Whether that’s via video call or face to face, you get up to 2 consultations per year. For you and your children.
2. Remote GP Consultations with the HSBC Life app
HSBC remote GP consultations are available to policy holders 24/7. Expert advice from 5,000 qualified doctors are no more than a finger-tap away.
With access to unlimited consultations per year, you’re free to alleviate any niggling health concerns you might have, in the absence of sterile waiting rooms and hour-long hold music. These video consultations can be scheduled – for your or for your children – at any time that suits you best. You might have 99 medical problems to ask them about, but waiting forever for an appointment, ain’t one.
3. Prescription Services available through the app
Your remote GP is also able to write you private prescriptions without needing to visit a surgery or practice. This service comes at no extra cost, however the prescriptions themselves will still need to be paid for upon collection. This will all be explained to you during your initial consultation.
4. Physiotherapy services via HSBC Life
The physiotherapy services include an initial assessment, a personalised treatment plan and up to 8 video consultations a year – wallets might be tight but your body doesn’t need to be with this additional life insurance benefit.
5. HSBC’s Health MOT available on the app
This is not a glitch in the system, merging life insurance with car insurance. You won’t find any nurses moonlighting at your local garage here, but you will find over 20 health markers in which to measure your health against through the Health MOT section of the app, using a simple blood testing kit.
Once a year you’re entitled to this full health check-up, then booking a further consultation in which to discuss your results and any recommendations for your on-going wellbeing. From hood to boot and head to boots, this is another way to check your physical health.
Feeling inexplicably tyre-d? Like, really exhaust-ed? Had a bumper to the head you want to check? Or how well that bone brake as healed? Or maybe there’s just something else that’s left you feeling a little alarmed?
Well, this is how you find out.
6. Mental Health Support and other HSBC Life services
Life is lived inside the mind. A tortured mind means a tortured life. Because mental health is just as important as your physical health.
But with access to counsellors, therapists, CBT, and up to 8 psychotherapy sessions in a year through the HSBC Life online health app, you’ll learn how to heal the inside of your head. And then there will be that much more room up there for living.
If any of the above HSBC life insurance additional benefits have left you thinking about taking out a policy of your own: get your quotes here.
Case studies of HSBC customer claims**
46-year-old Mrs P, was diagnosed with grade 2 breast cancer. An unexpected change at best, a life-altering, world-shattering outcome at worst.
Fortunately, HSBC were able to provide her with the financial security needed to begin repairing her shattered world, all because she had critical illness cover with them.
With a mortgage to repay and a personal loan to take care of, as well as numerous hospital appointments to attend, Mrs P could take a dramatically deep breath, knowing that her home and her future were tended to with her policy cover, leaving her to focus solely on healing herself.
“I cannot stress what a difference having this policy made to me. My recovery was assisted greatly by it and the simple straightforward way the claim was processed, and that is thanks to the help from all the team at Life Department.” – Mrs P.
(If you’re wondering how to calculate the amount of critical illness cover for you, Protect Line has a detailed article that can answer your critical illness cover questions).
And then there’s Mrs J (no relation to Mrs P. They are not offspring to a family of 26 children). Aged 63 when she took out life cover in 2020, intent on protecting her husband and 9-year-old grandson who lived with them. In 2022, aged 65, she sadly passed away, following a cancer diagnosis in 2021.
The claim was paid out quickly. Put towards her husband and their grandson, providing that very financial security that she took the policy out for.
That is the very intent of life cover and any other types of life protection products. To protect against a future that very quickly can become the present. When life knocks you sideways, insurers like HSBC help you put things to right.
**Note: All views expressed in the case studies are opinions and not intended to be financial advice or recommendations from Protect Line. Images are for illustrative purposes only and may not be an exact representation of the individuals involved.
Is HSBC life insurance any good?
Protect Line is an impartial brokerage, meaning we will never advise you on which insurers are better than others. However, we do provide all the facts available to us so that you’re able to make an informed decision and, well, we wouldn’t write about any insurers we didn’t wholeheartedly support.
Here’s some other pieces of information you might like to know about HSBC:
- HSBC signed up to The Protection Distributors Group’ (PDG) Claim Charter, reinforcing dedication to delivering the highest standards throughout the claim experience (perhaps they’re “HSBC” because of their High Standards Bringing Claims)
- HSBC are sponsors of four Olympic sports – rugby, badminton, golf and football. They’ve even teamed up with 2021 US Open champion Emma Raducanu, their newest global brand ambassador, championing inclusivity and connectivity of sport and sharing it with this wider audience
- HSBC paid out 99% of life insurance claims in 2021
- HSBC paid out 95.5% of critical illness claims in 2021
- HSBC is the winner of the 2022 Cover Excellence Awards for Outstanding Individual Critical Illness
- HSBC was a finalist in the 2022 Cover Women in Protection and Health Awards and a finalist for the Best Protection Provider in the MM 2023 Awards
- HSBC were included in the Stonewall Top Global Employers List for 2020
- And someday, in a nearby future, they might just begin their own brand of Halloumi and Sriracha on Baked Ciabatta sandwiches. Watch this space.
From their range of life insurance products to their array of additional benefits, HSBC are doing their bit in ensuring healthy lives, reassuring your loved ones’ lives and insuring your life.
Whether it’s your 75th birthday or you’ve just finished university (or both! You’re never too old to live your happiest life yet), you’ve got loved ones who love you and a future unwinding, bright and bold, before you.
Protecting both is likely a fantastic idea.
References:
- About HSBC: https://www.about.hsbc.co.uk/
- HSBC health service benefits: https://www.life.hsbc.co.uk/customers/hsbc-life-online-health-services/
- HSBC Life Online Health Services: https://dyrfdimwippjl.cloudfront.net/content/2023/06/05142502/230523_219_HSBC-Life-Online-Health-Services-Customer-Brochure-update_D1.pdf
- HSBC sports partnerships: https://www.hsbc.com/who-we-are/our-people-and-communities/sports-partnerships
- HSBC awards: https://www.life.hsbc.co.uk/
- All HSBC products: https://www.hsbc.co.uk/insurance/products/
- HSBC case studies: https://www.life.hsbc.co.uk/customers/customer-service/protection/how-to-make-a-claim/customer-claims-stories/