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HSBC Life Insurance Review 2024

HSBC is one of the World’s biggest banking and financial institutions, which provides various financial products including life insurance. HSBC Life‘s life insurance policies can be a good option for UK customers looking for budget-friendly life cover, with prices starting at only £5 per month.

HSBC Life paid out on 97.5% of new life insurance claims in 2023, as well as 95.5% of all critical illness claims. This equalled more than £2billion of payments to support over 42,000 families across the UK.

Main benefits of HSBC life insurance:

  • HSBC life insurance has been rated 4 Stars by Defaqto, based on a good level of customer features and additional benefits.
  • Free accidental death cover for 90 days while your life insurance application is being processed by HSBC Life.
  • Critical illness cover is available for people living with well-managed Type 2 diabetes (previously unavailable with most UK insurers).
  • Terminal illness benefit is included with life insurance and critical illness cover policies and pays out on diagnosis of a serious, life-limiting condition (life expectancy 12 months or less).
  • You can increase the amount you are covered for without further medical questions, following significant life events (Guaranteed Insurability Option or ‘GIO’).
  • HSBC provides free house purchase cover when applying for life insurance to protect a new mortgage (up to 90 days of cover maximum).
  • HSBC Life Online Health Services provides second medical opinions, prescription services, and remote GP consultations.

In our guide to HSBC life insurance, our insurance specialists look at how to apply for HSBC life insurance and which benefits are available for UK customers in 2024. Our experts explain which policies are available, key facts about how to apply, and top tips to save money on your HSBC life insurance policy.

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60-Second Summary – HSBC Life Insurance Review 2024

HSBC is one of the few UK banks providing their own life insurance products, while other banks partner with insurance companies like Aviva or Legal & General for their policies.

If you are already a HSBC bank or mortgage customer, having your life insurance with them might feel easier or simpler than choosing a new provider. However, it is always best to compare multiple quotes to ensure that you are completely happy with your life insurance policy.

  • During our recent research, HSBC frequently appeared as one of the cheapest life insurance options for under 30s looking for mortgage life insurance.
  • HSBC provides flexible policy options including level term, decreasing, or increasing life cover depending on which type of policy works best for you.
  • The price of your policy will be based on things like your age, smoker status, health and lifestyle, with premiums starting from a minimum of £5 per month.
  • HSBC also provides the option of adding critical illness cover to your policy, which pays out if you are diagnosed with a serious illness like cancer or a stroke.
  • HSBC core critical illness cover pays out on diagnosis of 1 of 40 specified medical conditions and enhanced cover pays out for up to 99 conditions.

HSBC offers several types of life insurance policies to their customers, with all these policies being ‘term’ life insurance. Term life insurance is the most bought (and often cheapest) form of life cover available for UK customers. These policies work to protect your family (level term life insurance) or mortgage (decreasing life insurance) for a set number of years (maximum age 80 at policy end).

At the start of 2024, HSBC announced major changes to their life insurance underwriting process. The aim of this is to make it simpler and cheaper for people with mental health conditions like depression and anxiety to get the life insurance that they need.

HSBC’s life insurance team have won a range of industry awards, including the 2023 Defaqto Gold Star Award for outstanding customer service. They most recently were highly commended for the Cover Customer Service ‘Above and Beyond’ Award for 2024.

Their range of life insurance policies has been rated 4 Stars by Defaqto, alongside other popular UK insurers like AIG, Beagle Street, and Liverpool Victoria (LV).

Whether HSBC are ‘good’ choice for you will be based on your own situation and the level of cover that you need. Some insurers work better for certain customers than others, so you should compare a few quotes and get proper advice if you’re not sure if HSBC is the right choice to protect your family or mortgage.

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Your HSBC life insurance policy will pay out a cash lump sum in the event of your death to provide your family with increased financial security. You can choose for your policy to cover your family or your mortgage, and some people choose to have multiple policies for different scenarios.

It is possible to apply for HSBC life insurance directly, either online, over the phone, or in a HSBC branch. Your other options are to apply through a price comparison website or with the help of an experienced life insurance broker who can advise you about your cover.

You can also write your HSBC life insurance policy into Trust for free, which gives you more control over how your policy pays out. It’s a useful way to help your family avoid potentially expensive Inheritance Tax charges, and your policy should pay out quicker by skipping legal processes (e.g. Probate).

Note: HSBC whole life insurance is not currently available, though this might change in the future.

What does HSBC life insurance cover?

Policy typeHSBC Term Life Insurance
Which policies can I buy from HSBC?Level term life insurance
Decreasing life insurance
Increasing life insurance
Combined Life and Critical Illness Cover
Can I buy joint life insurance from HSBC?YES – You can buy joint life insurance which will pay out on the death of the first partner insured and the cover will end at this point.
Is terminal illness benefit included?YES – Terminal illness benefit is included with HSBC life, critical illness cover and combined life and critical illness policies.  
This will pay out if you are diagnosed with a terminal condition (life expectancy of 12 months or less).
Can I buy increasing life cover?You can choose to protect the value of your cover against inflation, by having your cover amount increase over time.  
HSBC will increase your cover amount in line with the Retail Price Index (RPI changes of less than 1% or more than 10% won’t affect your policy).  
The policy will increase by 10% at most each year (monthly premiums will increase 14% at most).
How long can I be covered for?Your policy term must be a minimum of 5 years.  
There is no maximum policy term for HSBC customers, but your policy must end by age 91.
This decreases to 81 if you have chosen increasing cover.
Are there age limits for HSBC life insurance?You must be between the ages of 17 – 69 years old to apply for HSBC life insurance.  
Your policy must end before your 80th birthday.
Is there anything that I can’t claim for (policy exclusions)?HSBC life insurance excludes suicidal death in the first 12 months from the policy start date.  
Terminal illness benefit claims that do not meet the terms stated in your HSBC Life insurance policy documents.  
You also cannot claim for terminal illness within the last 18 months of your policy term.

HSBC Life Cover Policy Document – CLICK HERE

HSBC Life Protection Policy Booklet – CLICK HERE

HSBC life insurance premiums start from as little as £5 per month and will increase based on things like your age, occupation, and any pre-existing medical conditions.

You will be asked a range of questions about your health and lifestyle during the application process. This helps HSBC’s insurance underwriters to work out if they can offer you cover and at what price. There are some easy ways to cut the cost of your policy such as choosing a shorter policy term (e.g. 25 years instead of 30 years).

In the example below, our insurance experts helped Mr O who wanted £500,000 of life cover to protect his family over the next 40 years. Our team found that HSBC Life was the best and cheapest insurer for Mr O. and now his family have the peace of mind and financial security that they needed.

Details of applicantMr O. was born in 1984 and is a non-smoker.
Health details and informationMr O. does not have any pre-existing medical conditions.
Other informationHeight: 177cm / Weight: 88kg
Cover requirementsMr O. needed £500,000 of level term life cover to protect his family for the next 40 years.
Monthly premiums (£s)£58.03 per month
Guaranteed (fixed) premiums

Note: HSBC Bank life insurance can be more expensive for people with serious medical conditions or high BMI. If you are worried about this, it’s worth comparing quotes from several insurers to ensure that you get a fair price.

Life Insurance provider reviews

As well as life insurance, HSBC also offers critical illness insurance to their UK customers as an extra level of financial support for their families. Children’s critical illness cover is included for free with all adult policies to support you if your child becomes seriously ill.

Critical illness insurance will pay out a cash lump sum on the diagnosis of a serious medical condition covered by your policy. These funds can offer much-needed support at a difficult time, helping to cover essential bills such as rent or mortgage payments.

Key facts about HSBC critical illness cover:

  • You can buy standalone critical illness cover (level term) or a combined life and critical illness policy (HSBC life insurance critical illness cover).
  • There are options for both single and joint cover, so you can protect yourself and your partner within one policy to make things simpler for you.
  • HSBC core critical illness insurance offers protection for the diagnosis of 40 conditions. 38 conditions will equal a pay out of 100% of your cover amount (sum assured) and 3 conditions will equal a pay out of either £25,000 or 25% of your sum assured.
  • For extra protection, you can choose enhanced cover which would pay out on diagnosis of 1 of 99 specified conditions. 62 conditions will equal a pay out of 100% of your cover amount (sum assured) and 37 conditions will equal a pay out of either £25,000 or 25% of your sum assured.
  • You must be between the ages of 17 – 69 years old to apply for HSBC critical illness cover and you can be covered up until age 75 maximum.
  • You can be covered for up to £500,000, but the maximum cover amount that is available for you will depend on your age when you apply.

Note: Your policy will not pay out if changes to your health occurred during the application process and HSBC were not notified about this. You also must survive for at least 10 days following your diagnosis for your claim to be valid.

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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

There are a few ways to contact HSBC Life if you want to talk to them about your life insurance policy. To make things simpler for you, our experts have listed HSBC Life’s main contact details below.

HSBC life insurance phone number

Telephone – 0333 207 5563


Opening time – Monday to Friday 9.00am – 5.30pm (excludes Bank Holidays)


Customer Services Centre,
HSBC Life (UK) Limited,
PO BOX 1053,
St Albans,

Note: You can also log in to HSBC Access Life Insurance online, which allows you to manage your policy and check your policy documents.

If you need to claim on a HSBC life insurance policy, here is what you will need to do to start this process. Firstly, you will need to contact the HSBC claims team and we have listed all the relevant contact details for you below.

Claims contact details

Telephone – 0333 745 6125


Opening times – Monday to Friday 8.00am – 6.00pm (excludes Bank Holidays)


HSBC Life (UK) Limited,
PO Box 1053,
St Albans,

If you’re not happy with your HSBC insurance policy, you are entitled to make a complaint. HSBC will try their best to resolve your complaint within a reasonable time, and their website says that they aim to respond to an initial complaint within 5 working days.

When submitting your complaint, HSBC’s team will want to know your name, address, policy number, and preferred contact details. You should also provide as much information as you can about why you are complaining and how you would like HSBC to resolve any issues.

HSBC Life Complaints Contact Details (policy number ends /HS)

Telephone – 0333 207 5563

Email – support@lifeprotectionplan.hsbc.co.uk

Opening hours – Monday to Friday 9.00am to 5.00pm (excludes Bank Holidays)


Customer Services Centre,
HSBC Life (UK) Limited,
PO BOX 1053,
St Albans,

HSBC Life Complaints Contact Details (bought directly from HSBC)

Telephone – 0345 745 6125

Opening hours – Monday to Friday 8.00am to 6.00pm (excludes Bank Holidays)


Customer Service Centre,

Note: If you bought your policy from HSBC directly, you could speak to a HSBC team member in your local branch to start the complaints process.

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Making a complaint to the Financial Ombudsman Service

The Financial Ombudsman Service (FOS) is an impartial and free service for financial services customers in the UK. This service can be used to settle any disputes between life insurance companies and their customers in the United Kingdom. If they feel that you have suffered any financial loss as a result of your life insurance policy, then they may rule for compensation to be awarded.

Telephone – 0800 023 4567 (or 0300 123 9123)

Telephone (outside the UK) – 0207 964 0500


There are various reasons you might choose to cancel your HSBC life insurance and any reason is valid. If you cancel within 30 days of policy start, HSBC will refund the premiums you have already paid.

How to cancel HSBC life insurance

You can cancel your HSBC life insurance policy either online or over the phone. You can do this by:

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

Can I cash in HSBC life insurance?

NO – There is no ‘cash in value’ for standard life insurance policies, so you can’t cash in your policy early. HSBC will only pay out on the death of the policyholder or diagnosis of a terminal illness.

What does HSBC insurance cover?

HSBC’s life insurance policies have been designed to protect your family financially by paying out a cash lump sum. This can then be used for important expenses like funeral repayments or paying off debts.

The simplest way to compare HSBC life insurance quotes is to use a price comparison website, or to apply with the help of a life insurance specialist.

You should choose the option that works best for you, but many consumers find it useful to have the extra support of applying through broker. If you need free and friendly life insurance advice, you can speak to our life insurance experts 0800 009 6559 or CLICK HERE.

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