Life Cover

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Life cover

Take care of your loved ones

What is life insurance? A life insurance policy offers financial support to your loved ones if anything were to happen to you.

It pays out a cash lump sum if you die or are diagnosed with a terminal illness. This can pay off any mortgage debt or be used towards living costs.

HSBC Life is no longer offering new quotes for Life Cover, but if you've already requested a quote, you can continue your application via online banking.

Already have a life policy through one of our insurance providers? Find out how you can manage your policy or make a claim.

Manage your policy

What you'll get

Fixed premiums

Your premiums will never go up – and the younger you are when you take out your policy, the lower your monthly payments will be.

Lump sum payout

You or your family will get a lump sum if you die or are diagnosed with a terminal illness.

Options to consider for Life Cover

1. Level or decreasing cover

Level cover

This pays a cash lump sum that could be used to help to cover your family's living costs and/or any fixed debt like an interest-only mortgage.

The amount of cover stays the same throughout the policy

Decreasing cover

Usually a little cheaper than level cover, this type of policy is designed to cover decreasing debts, such as a capital repayment mortgage.

The amount of cover reduces over time

What is level cover life insurance?

A level cover policy provides a lump sum that could be used to pay off debts, protect your family's living costs - even go towards your children's further education.

Because the payout amount stays the same for the length of the policy, you and your family will always know how much cover you'll have if the unexpected happens.

Level cover can also be used to protect an interest-only mortgage, as the balance of the mortgage would stay the same throughout the term.

What is decreasing cover life insurance?

A decreasing cover policy also provides a lump sum payout. This type of policy is often used to protect a capital repayment mortgage. That's because the amount that gets paid out if you die goes down over time, in line with your reducing mortgage balance.

If you're just looking to protect your home, you could get the support you need and pay less each month with decreasing cover.

And if you take out a policy for the same amount and term as your HSBC mortgage, the Mortgage Repayment Guarantee will ensure your mortgage is repaid in the event of a successful claim – regardless of any rises in interest rates.

2. Single or joint policy

Single life policies provide cover for one person. It's tailored to the insured person's needs and pays out once when they die.

Joint life policies provide cover for 2 people. The same cover amount applies to both insured people. It pays out once when either person dies, at which point the policy ends.

Quotes are provided online for both single and joint policies.

Learn more about single or joint insurance cover >

3. Add Critical Illness Cover

With this add-on, you'd receive a lump sum on diagnosis of one of 39 illnesses and surgical procedures including, cancer (excludes less advanced cases), heart attack, stroke and dementia.

A critical illness policy payout can be used to cover bills and living costs time when you need time off work for treatment. It could also help get treated quicker through private medical care.

Keep in mind, the type of Critical Illness Cover offered to you online will match what you have chosen for your Life Cover. This means that if you have chosen level cover for your Life Cover policy, you will only be offered the option to add level Critical Illness Cover. This is where the payout amount stays the same for the length of the policy.

If you have chosen decreasing Life Cover, you will only be offered the option to add decreasing Critical Illness Cover. This is where the payout amount reduces over time in line with your mortgage.

What's not covered?

HSBC Life Cover

This doesn't provide cover:

If there are changes to your health, lifestyle or occupation – and you don't tell us about them before the policy starts
If you were to take your own life within the first 12 months of the policy
For death outside the policy term

HSBC Critical Illness Cover

This doesn't provide cover:

If you should pass away within a period of 10 days from the date of diagnosis
For full details of cover for both policies, view the policy documents

Things to know

A trust allows the owner of a life policy to specify who can benefit from the policy proceeds after they die.

Find out how to put an HSBC Life Cover policy into trust:

If you wish to put a non-HSBC Life policy into trust, please contact the product provider.

If you’re unsure whether a trust is the right thing for you, please seek legal advice.

Already started an application?

Continue an application you've already started via your online banking.

Continue your application This link will open in a new window

Other ways to apply

If you're a Premier customer our Wealth Managers can discuss your options and recommend a policy that’s right for you from our list of selected providers.

Other support for your banking

To make an adjustment to any of your banking with us, tell us what support you need and we can make your banking work best for you.

This could be support for:

How we communicate with you
Taking control of your finances
Third party support
A change to your personal circumstances

Tell us about your needs

Frequently asked questions

Life insurance pays out a cash lump sum if you die or are diagnosed with a terminal illness. This can pay off any mortgage debt or be used towards living costs, giving you and your loved ones financial peace of mind.

You can cancel your life cover policy at any point by calling your product provider. If you have an HSBC Life policy, you can call 0345 745 6125. Lines are open 08:00 to 17:00 from Monday to Friday, excluding public holidays.

If you’re not sure if your cover still meets your needs, you may wish to speak to a financial adviser.

Your life cover policy will run until the end of the term you set when you took out the policy - unless you cancel it before this date. It will only end when your mortgage does if you set the date to coincide.

If you have a level cover policy, you can keep your policy when your mortgage ends to help to cover your family's living costs.

If you used a financial adviser to take out decreasing life cover alongside a mortgage, they will have set it up to end when the mortgage does. Keep in mind that if you make any changes to your mortgage, including making overpayments, your mortgage may end sooner.

If you took your policy through an HSBC Mortgage Adviser, your policy may be due to end after your mortgage. This is because HSBC Life policies can only be set up in full years. This may leave you with more cover than you need at the end of your mortgage term.

You can cancel your life cover policy at any point by calling the product provider. For more details, see manage or cancel your policy.

Take care of your loved ones

What you'll get

Fixed premiums

Lump sum payout

Options to consider for Life Cover

1. Level or decreasing cover

Level cover

Decreasing cover

More on level vs decreasing cover

2. Single or joint policy

3. Add Critical Illness Cover

What's not covered?

HSBC Life Cover

HSBC Critical Illness Cover

Things to know

Important documents

Information on trusts

Already started an application?

Other ways to apply

Get personalised advice

Other support for your banking

Frequently asked questions

What does life insurance cover?

Can I cancel my life cover?

Do I have to cancel my life cover policy when my mortgage ends?

You might also be interested in

Manage your policy or make a claim

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What is critical illness insurance?

Should you get single or joint life insurance?

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