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HSBC life insurance reviews

About HSBC Life

HSBC is a trusted name in the UK, having been an established bank for over 150 years. HSBC is a massive global brand, providing banking and financial services to 39 million current customers in 62 countries.

They branched out into life insurance in 1988, with this arm of the business being known as HSBC Life.

This service provides life insurance and investment services to customers across the UK and globally. HSBC also has a great claims record, having paid 99% of life claims in 2021 and 95.5% of critical illness claims.

HSBC life insurance awards

HSBC proudly states on their website that they have won several industry awards and ratings for their life insurance products. This includes:

  • Highly commended at the 2022 Protection Review Awards
  • Cover Excellence Awards 2022 – Outstanding Individual Critical Illness
  • Finalist for the Cover Women In Protection And Health Awards 2022
  • Defaqto 5 Star Rating (4th year in a row)
  • Defaqto Gold Service Rating (4th year in a row)

It can be comforting to choose a familiar name for your life cover. If you are already a HSBC bank or mortgage customer, it might feel easier or simpler to buy your life insurance with them too.

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

HSBC life insurance policy summary

Type of CoverHSBC Term Life Insurance (Life Protection)
Cover optionsHSBC Family Life Insurance (Level cover)
HSBC Mortgage Life Insurance (Decreasing cover)
Increasing Life Insurance Combined Life and Critical Illness Cover
Cover optionsSingle life (individual life insurance)
Joint life (first death) *pays out on first event
Terminal illness benefitTerminal illness benefit is included with HSBC life, critical illness cover and combined life and critical illness policies.
This will pay out if diagnosed with a terminal condition with a life expectancy of 12 months or less
Increasing life insurance option (Indexation)You can choose to protect the value of your cover vs inflation, by having your cover amount increase over time. HSBC will increase cover 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).
Waiver of PremiumWaiver of premium is not included with HSBC life insurance products.
Term optionsMinimum term – 5 year
Maximum term – No maximum term
Policy must end by age 91 (age 81 if you choose to have increasing cover)
Age limitsMinimum age at entry – 17 years
Maximum age at entry – 69 years
Maximum age at end of policy term – 80 years
Maximum benefitVaries depending on the age you buy the policy (£800,000 bought between age 17-30 is the highest possible amount)
Exclusions (Life Insurance)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.

Find out more – HSBC – Protection Products

HSBC critical illness cover policy summary

You can choose to buy HSBC critical illness cover combined with your life insurance cover. You could also decide to buy this as an add on to your policy at a later point. Critical illness cover can be useful to have in place for extra financial protection.

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

Type of CoverHSBC Critical Illness Cover
Cover optionsHSBC Level Term Critical Illness Cover (family protection)
HSBC Life Insurance and Critical Illness Cover HSBC Life and Critical Illness Cover Plus (enhanced)
Coverage optionsSingle life (individual life insurance)
Joint life (first death) *pays out on first event
Conditions covered (Core)HSBC critical illness insurance offers protection for diagnosis of 40 core conditions  

37 conditions = full payment (100% of the sum assured in your policy)
3 conditions = partial payment of £25,000 or 25% of the sum assured in your policy (whichever is lowest)  
Conditions covered (Upgraded)HSBC Critical Illness Plus offers protection for diagnosis of 99 conditions  

62 conditions = full payment (100% of the sum assured in your policy)  
37 conditions = partial payment of £25,000 or 25% of the sum assured in your policy (whichever is lowest)    
Children’s Critical Illness Cover (Core)Included with adult critical illness cover policies.  
Pays out £25,000 on diagnosis of any condition covered in the policy documents.  
Premium typeGuaranteed (fixed)
Term optionsMinimum term – 5 years
Maximum term – 50 years
Maximum amount of cover – £500,000 (amount available to you varies depending on age at time of application)
Age limitsMinimum age at entry – 17 years
Maximum age at entry – 69 years
Maximum age at end of policy term – 75 years
Exclusions (Critical Illness Cover)Claims will not be paid if changes to your health occurred between the application and policy start and HSBC were not notified.  
You must survive for 10 or more days following diagnosis to be able to claim. You cannot claim for conditions not covered by your policy.   You must claim within 12 months of diagnosis to be eligible to claim.

About HSBC income cover

HSBC also sells what they refer to as ‘income cover’, their version of income protection insurance. This a policy designed to protect you financially if you cannot work for 4 or more weeks (due to injury/illness). HSBC income protection will cover 50% of your usual income (up to a maximum of £50,000).

There are a couple of options available:

Short term income protection – HSBC will pay out for up to 2 years from the point of claim.

Long term income protection – HSBC will pay out until the end of the policy or when you can return to work.

Deferred period options – You can delay the start of your claim payments for 4, 8, 13, 26 or 52 weeks. If you can afford a longer deferred period, this can usually help reduce the cost of your policy.

You will also have rehabilitation benefit included with your policy as standard. This can be used to top up your income if reducing your working hours (due to serious illness or injury).

HSBC life insurance customer service contact number

If you need to speak to HSBC about your life insurance policy there are a few ways to do this. You can:

Telephone – 0333 207 5563


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,



You can also log into HSBC Access Life Insurance online, which allows you to:

  • Check policy details, terms and conditions
  • Update your contact details
  • Manage your policy, change or cancel your cover
  • Find out more about writing your policy into trust
  • And more…

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. They aim to respond to an initial complaint within 5 working days.

HSBC life insurance complaints process

When submitting a complaint, you will be asked for a few basic details:

  • Your name and address
  • Your policy number
  • Your email address, phone number and preferred time to contact you
  • Information about your complaint (as detailed as possible)

HSBC life insurance contact numbers (complaints)

You can submit your complaint in the following ways:

If you bought your policy through a (non HSBC) advisor or comparison site (policy number ending in /HS)If you bought your policy from HSBC directly
Telephone – 0333 207 5563Speak to a HSBC team member in your local branch (opening hours may vary)
Emailsupport@lifeprotectionplan.hsbc.co.ukTelephone – 0345 745 6125
Opening times – Monday to Friday 9.00am – 5.30pm (excludes Bank Holidays)Opening times – Monday to Friday 8.00am – 6.00pm (excludes Bank Holidays)
Post: Customer Services Centre HSBC Life (UK) Limited, PO BOX 1053, St Albans, Hertfordshire, AL1 9QGPost: Customer Service Centre, BX8 1HB

More information HSBC – How to complain

Financial Ombudsman Service

The Financial Ombudsman Service (FOS) is an independent service protecting financial services customers in the UK. If you are unhappy with the outcome of a complaint with HSBC, you can contact the FOS to take it further.

They can help mediate any disputes between yourself and HSBC. They can even award compensation, if they feel you have lost money unfairly because of HSBC life insurance.

Telephone – 0800 023 4567 (or 0300 123 9123)

Telephone (outside the UK) – 0207 964 0500

Email – complaint.info@financial-ombudsman.org.uk

HSBC life insurance trust

Trusts can be an effective and useful way to have greater control over the benefit from your life insurance policy. You can specify who receives the money from your policy and help them to avoid inheritance taxes (IHT) and probate. If you wish to you can specify how the funds are used as well.

HSBC allows you to write your life insurance policy into trust, with a few different options available.

Benefits of HSBC trusts

  • Cheaper than a Will (usually free)
  • Express your wishes on your life insurance pay out (e.g. beneficiaries and trustees)
  • Avoid probate (pays out more quickly)
  • Can also help to avoid Inheritance Tax liability (Learn more in our Life Insurance and Tax guide)

Types of HSBC trusts

  • HSBC Gift Trusts
  • HSBC Discounted Gift Trusts
  • HSBC Loan Trusts

About HSBC life insurance claims

Insurers will have a lot of experience handling life insurance claims and will be able to do so with sensitivity and compassion. It will be an understandably difficult time when needing to claim due to bereavement or terminal illness.

HSBC’s claims team will be on hand to help and support you throughout the claims process. Below we have covered some useful things to know before starting your claim with HSBC.

How to make a claim with HSBC life insurance

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. You can do this in a number of ways and we have listed all the relevant contact details for you below.

Before contacting HSBC claims team

It can be useful to have certain details on hand before contacting HSBC. This will help to make the claims process as smooth and stress free as possible. HSBC will ask you for the following information/documents when starting a claim:

  • Name of the policy holder
  • Policy number (if possible)
  • A copy of the death certificate
  • Other legal documents e.g. probate

HSBC life insurance contact information (claims)

Telephone – 0333 745 6125


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

You can also begin the claim process by post, by writing to:

HSBC Life (UK) Limited

PO Box 1053

St Albans


HSBC life insurance claims statistics

The latest life insurance statistics published by HSBC Life can be found below:

HSBC life insurance claims

  • 39,000 families looked after (across all life protection products)
  • £1.5billion paid out overall (across all life protection products)
  • 24,000 life insurance claims paid out (total £735million)
  • 14,750 critical illness claims paid out (total £755million)

Benefits of HSBC life insurance

FREE accidental death benefit – You will have access to free accidental death cover for 90 days while your life insurance application is being processed by HSBC Life.

Terminal illness benefit – This is included with life insurance and critical illness cover policies. This benefit pays out on diagnosis of a serious, life limiting condition (life expectancy 12 months or less)

Guaranteed Insurability Option (GIO) – You can increase the amount you are covered for without further medical questions, following significant life events. Which events qualify will be specified in your policy documents.

FREE house purchase cover – Referred to as ‘interim’ cover on the HSBC website. This provides free cover while applying for life insurance to protect a mortgage (up to 90 days of cover)

HSBC Life Online Health Services – Provides second medical opinions to support HSBC Life customers. Critical illness customers also benefit from extra services including prescription services and remote GP consultations.

Critical illness cover – You can add critical illness cover to your life insurance to create a combined policy for extra protection (life and critical illness cover).

Critical illness cover benefits:

Total permanent disability cover – This benefit can be added to critical illness cover and pays out if you have an illness or injury that leaves you permanently incapacitated.

How to cancel your HSBC life insurance policy

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.

HSBC life insurance cancellation contact details

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

  • Logging into your HSBC Access account and cancelling your policy in the My Policy section
  • Emailing support@lifeprotectionplan.hsbc.co.uk
  • By calling 0333 207 5563 and speaking to a HSBC life insurance team member

How much does HSBC life insurance cost?

Prices will vary no matter which insurance provider you apply to as every person is different. Various things will affect the cost of your policy including:

  • Age
  • Height and weight
  • Smoker status
  • Medical history
  • Type of policy
  • Term of cover

HSBC Bank life insurance may not be the best choice for anyone with a medical condition or higher BMI. If you think your medical history could cause problems with your application, it is worth speaking to an insurance expert for more advice.

Compare HSBC life insurance – £200,000 for 25 years (non-smoker)

AgeHSBC premiumsLowest premiumsHighest premiums
30 year old (non-smoker)£7.75£7.72£12.94
40 year old (non-smoker)£16.01£13.43£20.62
50 year old (non-smoker)£40.01£34.32£46.48

Compare HSBC life insurance – £20,000 for 25 years (smoker)

AgeHSBC premiumsLowest premiumsHighest premiums
30 year old (smoker)£14.22£11.95£19.88
40 year old (smoker)£36.29£29.52£42.60
50 year old (smoker)£100.53£83.94£130.69

How to buy HSBC life insurance UK

It’s always best to speak to a life insurance specialist when applying for something as important as life cover. This is especially true if you have pre-existing medical condition or a high risk job. Factors like this can affect the price you pay. It is also wise to speak to an insurance expert, so you don’t end up paying more than you need to.

HSBC life insurance customer reviews

Many people choose to read independent reviews before buying a life insurance policy. This helps to get a feel for what other customers experiences have been with this company. You can read HSBC Life insurance reviews on TrustPilot, with HSBC UK’s current rating below.

Trust Pilot score (HSBC UK) – 1.4 out of 5.0 stars (at 02/05/23)

Read more reviews or add one yourself here: Trust Pilot – HSBC UK

Note: It is important to keep in mind that this score relates to all HSBC products and service. This rating is not specific to HSBC life insurance products.

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