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HSBC Life launches new rules for mental health life insurance

In a huge step forward for the life insurance industry, UK provider HSBC Life has just announced significant changes to their mental health underwriting process. These changes will make it far easier for people with a history of serious mental health issues and suicidal thoughts to get life insurance at a fair and affordable price.

This is a breakthrough moment in life insurance and one that will be welcomed by both brokers and consumers throughout the country. As of February 1st 2024, the opportunities to get mental health life cover with HSBC Life will expand, with no need for extra steps such as GP reports.

Mental health conditions are extremely common in the UK and shouldn’t prevent you from getting the financial protection needed to protect your home or family. There can be extra considerations when applying for these policies though, so it’s usually worth getting some additional advice and support from a mental health life insurance expert.

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60-Second Summary – HSBC Life launches new rules for mental health life insurance

HSBC Life has announced significant changes to their mental health underwriting process, making it easier for individuals with a history of mental health issues and suicidal thoughts to access fair and affordable life insurance policies.

  • HSBC Life will implement these changes from February 1st 2024, making it simpler and more affordable to buy life insurance with mental health conditions like depression, anxiety, stress etc.
  • These changes aim to address a lack of inclusivity in the insurance market currently, promoting fairer outcomes for thousands of UK life insurance applicants.
  • HSBC has so far seen positive results from tests of this new approach, with 70% of test applicants able to get cover without any price increases at all.
  • Pre-existing medical conditions can make it harder to find the right life insurance policies and HSBC Life might not be the best choice for every life insurance customer. It can be useful to speak to a mental health life insurance specialist for help with choosing the right life insurance provider.

HSBC Life are a mainstream life insurance provider in the UK, having provided life insurance in the UK since 1988. They are a familiar name for most UK households, with HSBC Bank being a staple on thousands of UK high streets for wealth and personal banking services.

HSBC Life operates as the insurance arm of the HSBC Group within the UK, which we explain further in our independent HSBC Life insurance review.

HSBC sell 3 types of term life insurance cover (level term, increasing or decreasing cover) for single and joint applicants. HSBC also sells other policies which are classed as life insurance products like critical illness insurance and income protection.

They are often among the lowest priced options on the life insurance market, which can be especially helpful for people who have a tighter budget. Their policies also include additional perks including free terminal illness cover, online GP service and guaranteed insurability so you can increase cover after key life events (e.g. getting married).

The video below from the HSBC UK Youtube channel explains more about the policy options available from HSBC Life and how they work.

https://www.youtube.com/watch?v=SGIuO4kBoFM&list=PLRz9ao70iRy0GAIOl0lavGjZA4RfCCl2-&index=5
Your guide to Life Insurance and Types of Life Cover | Insurance & Protection Products | HSBC UK

HSBC Life have announced new digital guidelines for discloing mental health conditions during applicants for life insurance and critical illness cover as of February 1st 2024. These changes make it possible for applicants to get standard terms for life insurance without dealing with big price increases or medical reports.

HSBC have recognised the need to provide better options for people with historical mental health issues and thoughts of self harm or suicide. The aim of these adjustments to their underwriting processes is to make it easier for these customers to access the financial protection they need and deserve.

Initial assessment of these new guidelines has shown that 10% more applicants will disclose mental health conditions during their initial application and 70% will be able to receive standard cover with no increase in cost.

How do these changes help UK life insurance customers?

With most people in the UK experiencing some form of mental health problem in their lifetime, HSBC is offering a route to cover that is simpler and easier than ever before. Mental illness isn’t something we should be ashamed of and insurers like HSBC making these changes opens the doors for other insurers to do the same.

Enhanced inclusivity from providers means better outcomes for thousands more customers in the UK, who simply want to protect their loved ones from financial difficulty in the future. Applying for life insurance with mental health conditions can be daunting and HSBC Life are offering options for long term cover without far higher premiums.

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How do I contact HSBC Life insurance UK?

If you need to speak to HSBC Life about a new or existing policy, you can contact them at the below details:

Telephone 0333 207 5563

Email support@lifeprotectionplan.hsbc.co.uk

Opening times – 9.00am – 5.30pm Monday to Friday (excludes Public Holidays)

Write to HSBC Customer Service:

Customer Services Centre HSBC Life (UK) Limited,
PO BOX 1053,
St Albans,
Hertfordshire,
AL1 9QG


Who is the CEO of HSBC Life?

Mark Hussein is the current Chief Executive Officer (CEO) for HSBC Life UK Ltd after being appointed in November 2015. This information is accurate as of February 2024 and could change in the future based on decisions made within HSBC Life UK.


What does HSBC Life cover?

HSBC life insurance will pay out in the event of your death to provide your loved ones with a substantial cash lump sum. These funds can be used to cover important costs that may otherwise be unaffordable such as mortgage repayments and funeral costs.

You can also buy policies like critical illness cover or income protection which protect you financially in different situations. Critical illness insurance from HSBC Life will pay out a set cash lump sum if you are diagnosed with one of 40 specified medical conditions to support you through recovery or lifestyle changes

HSBC income protection insurance is designed to pay out a set monthly income to help you cover your monthly expenses if you can’t work due to illness or injury.

HSBC Life insurance can be a good option for some customers in the UK, with a range of low cost and simple life insurance policies available.

Whether HSBC Life are the right choice for you will depend on your own situation and the type of life insurance you need. They offer a wide range of policies, so you need to think about what you want to protect and what policies may work best for you.

It’s normally a good idea to compare the policies and prices available from a few providers, to make sure you are 100% happy with the life insurance provider you choose.

Life insurance is the #1 way to provide your family with financial security in the event of your death, so it’s important to think carefully before making any decisions.

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"This company went above & beyond to get me cover even though I have MS, I am very happy I managed to get cover, Amazing staff, Dean went above & beyond, I highly rate this company."

by Elizabeth Turner-Long - 9th August 2023

Mental health life insurance rates will vary significantly between providers and while HSBC Life has relaxed underwriting rules, they may not be the best choice for every person. It’s helpful to compare quotes from multiple providers to ensure you get the right level of cover at the fairest price.

If you need life insurance and you have a history of mental health conditions, the easiest way to find the best and cheapest quotes is by speaking to an experienced medical life insurance specialist.

An expert will be able to quickly check prices across the market to see if HSBC or another provider can offer you the best value for money. To get free, independent mental health life insurance advice, you can call 0800 009 6559 or click here.

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