HSBC Critical Illness Cover

Receive up to $500,000 in Critical Illness Cover with HSBC.

Everyone wants to live a longer and healthier life. While many may not want to think of the inevitable, the reality is that death or illness can still strike randomly with no rhyme nor reason, and certainly with no warning. Therefore, don’t let a sudden illness be the undoing of all the work you’ve done to build a life for yourself.

With HSBC Critical Illness Cover, if you are suddenly struck by a defined critical illness event, you and your family can receive a lump sum benefit payment. This insurance benefit can help you pay those immediate medical bills associated with your critical illness, or help to pay those every day bills that keep coming, such as the power, mortgage, phone and groceries.

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What does the policy cover?

HSBC Critical Illness Cover can taken out in conjunction with a HSBC Life Cover policy or as standalone cover. Some of the features of HSBC Critical Illness cover you can benefit from include:

  • Choice of cover amount: HSBC will provide a lump benefit payment of up to $500,000 in the event that you suffer from a medical event as listed on your policy.
  • Partial cover for Multiple Sclerosis or Parkinson's Disease: HSBC will provide a benefit payment of 25% of your critical illness benefit amount if you are diagnosed with Multiple Sclerosis or Parkinson’s Disease. The remaining cover amount may then be paid if you meet certain additional criteria.
  • Waiting period for Cancer, Cardiac Surgery and Vascular Disease: For the critical illnesses cancer, cardiac surgery or vascular disease, HSBC critical illness cover will not pay out if the event occurs or is first diagnosed within three months of taking out the policy, increasing the policy amount or reinstating the policy. If cancer, cardiac surgery or vascular disease occurs again after the three month waiting period and is not related to the first occurrence, the full benefit will be paid.
  • Cover for Cancer: HSBC critical illness cover pays a benefit for terminal or completely untreatable cancer to stop the spread of the disease, for example chemotherapy or radiotherapy. Cancers which are non-invasive or carcinoma in situ are not eligible for a critical illness benefit.
  • Major Surgery Cover: Eligible critical illness cover for major surgery is defined as extensive surgery in which large amounts of tissue are removed, along with the tumour, to prevent the spread of disease.
  • Cover for Cardiac Surgery: Includes cover for open chest surgery and coronary artery by pass surgery for the purposes of grafting, or to correct or repair damage to the heart or arteries. Includes triple vessel angioplasty to correct significant blockage to the arteries.
  • Cover for Degenerative Diseases: HSBC will provide the full payment of your cover amount upon the diagnosis of a motor neurone disease or muscular dystrophy, and partial payment of 25% for multiple sclerosis or parkinson's disease.
  • Cover for Vascular Disease and Heart Attack: A heart attack is defined as the result of coronary artery disease, and results in the death of part of the heart muscle. To be eligible for critical illness cover, the event must require hospitalisation within 72 hours of the attack. HSBC Critical Illness plan will also provide cover in the event of stroke.
  • Cover for Major Organ Failure: HSBC Critical Illness cover includes a benefit for lung, kidney, liver and major organ transplants, as well as for end stage lung failure requiring oxygen therapy and end stage kidney failure requiring permanent dialysis. Eligible transplants include kidney, heart, lung, liver, pancreas, small bowel or bone marrow, from a human donor, where the condition is not the result of excessive alcohol or drug use.

Can I add critical illness cover to my life cover policy?

You can benefit from the comprehensive protection that HSBC offers by linking your insurance policies. When you add Critical Illness cover to your HSBC Life Cover policy, the critical illness cover amount cannot be greater than your life insurance benefit amount. If you make a claim on your critical illness cover, your life cover benefit and other insurances such as permanently unable to work cover, reduces by the amount of your critical illness benefit.

Steps to apply

To apply for HSBC Critical Illness cover, you must satisfy the following requirements - you are:

  • 16 to 55 years old;
  • an Australian or New Zealand resident or permanent resident; and
  • living in Australia at the time of your application.

You have a cooling-off period of 30 days should you change your mind or your HSBC Critical Illness insurance policy no longer suits your needs. You can cancel your cover within this period and you will get a full refund of any premiums paid to date, provided that no claim has been made.

HSBC Critical Illness cover is a valuable protection solution to complement your existing health cover. Remember that while you may think that your health insurance can provide some cover if you are diagnosed with a critical illness and pay for some of your medical expenses, there may be instances where you have to pay bills up front before being reimbursed, or you have to pay a gap which remains between what the health fund covers, and the cost of the treatment. If you simply want additional financial buffer for a difficult time in your life, to provide assistance in meeting your ongoing financial commitments, HSBC Critical Illness cover can help and offer that peace of mind.

William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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