Life Insurance, Critical Illness Cover and Income Protection policies
If you’re struggling financially because of the impact of coronavirus, HSBC Life (UK) Limited can defer your monthly premiums for 3 months. You’ll need to repay these missed premiums after your deferral ends. Find out more below to help you decide if deferring your premiums is right for you.
Payment deferrals could be suitable for you if:
- you have an HSBC Life protection policy (Life Cover, Critical Illness Cover or Income Cover)
and you pay your premiums monthly (investment-linked life policies are not included)
- the policy is currently active and you've paid at least one premium
- you’re the policyholder and are struggling to afford your insurance premiums as a result of the current coronavirus outbreak
How it works
If you ask for a deferral, you won’t have to pay your premiums for 3 months. Instead, HSBC Life will collect the missed premiums when your deferral ends.
This means 4 months’ worth of premiums will be collected at month 4 to ensure your cover can continue. If you’re still struggling financially before this payment is due, please call HSBC Life again to discuss your options.
There’s no need to cancel any future premiums. HSBC Life will automatically update your payments based on what we agree with you when you call.
If you have any questions or concerns at any stage during the deferral, please call to discuss your options.
How to apply
Please call HSBC Life on 0345 745 6125. Lines are open from 08:00 to 17:00. Their support team will explain the payment deferral scheme in more detail and answer any questions you may have.
If you decide to go ahead, they’ll send you confirmation of your revised future premiums once they’ve processed your request.
Home Insurance policies
If you’re struggling to make your home insurance premiums because of coronavirus, help is available. Our insurance partner, Aviva, has brought in a premium deferral option for HSBC Home Insurance and Possessions Insurance customers.
If you meet the eligibility criteria, you can ask to defer your monthly premium and spread it evenly over the remaining term of your policy. You can apply to defer 1 month’s premium at a time for a maximum of 3 months, providing you make your request before 31 October 2020.