HSBC Life Cover

HSBC Life Cover Review

HSBC Life Cover will pay a lump sum payment if you pass away or suffer a terminal illness up to $1,500,000 depending on your age. The policy comes with a range of built-in and additional benefits so you can tailor cover closer to your needs.

This review will outline the key benefits and features of the policy and application requirements.

What does the policy cover?

HSBC Life Cover is one way you can make sure your family will be looked after if disaster strikes you, and you are no longer able to provide for them. HSBC Life Cover features:

  • Choice of benefit amount: In the event of your death, your family will receive a lump sum benefit payment of up to $1.5 million that they can use for any expenses they choose. This means your family can use your life insurance benefit to pay your final expenses, medical bills, funeral costs or for day to day living expenses while they get back to normal work routines, or to pay off the mortgage and secure other investments to create security for the future. Maximum cover amount will be applicable depending on your current age at the time of application.
  • Terminal illness cover: If you are diagnosed with a terminal illness and are expected to die within 12 months, you can also make a claim on your HSBC Life Cover, and receive a lump sum benefit payment of your full life insurance amount. This can be used to pay medical bills, make modifications to your home or simply to make your time more comfortable and enjoyable with your family.
  • Accidental injury benefit: Your life insurance with HSBC also includes a partial benefit for accidental injury. For example if you lose the permanent use of one hand, one foot or the sight in one eye, you will receive 25% of your life insurance amount. For the loss of any combination of two or more of: one hand or one foot or the sight in one eye, you can receive 100% of your life insurance amount. Any benefit that is paid for accidental injury will be deducted from your insured life cover amount.
  • Guaranteed cover for benefit increases: As your circumstances and family situation changes, you will want to review your life insurance cover amount regularly, and you may want to make changes accordingly. HSBC allows you to increase your benefit amount by a minimum of $10,000 without requiring any additional health or medical assessments within 90 days of a specified life event, such as marriage, the birth or adoption of children, taking out a mortgage or salary increase.
  • Inflation proof life insurance benefit: With HSBC inflation proofing your life insurance benefit, your benefit amount will increase by 5% each year or by the amount of the Consumer Price Index increase – whichever is greater.
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Optional benefits

  • Critical illness cover: You can enhance your HSBC Life Cover policy by adding critical illness insurance, which will pay a benefit if you suffer one of the eligible illnesses or diseases.
  • Permanently unable to work cover: You can also add protection against illness or injury which renders you unable to work again, as it is not only your death which could leave your family financially stranded without your regular income.

If you link your HSBC Life Cover with critical illness cover or permanently unable to work cover feature, the benefit amount cannot exceed the cover amount you have for your life cover.

Applying for HSBC Life Cover Policy

You can apply for HSBC Life Cover if you are:

  • 16 to 65 years old;
  • an Australian or New Zealand citizen or Australian permanent resident; and
  • living in Australia at the time you apply.

What is the maximum amount of cover that I can apply for with HSBC Life Cover?

As previously mentioned, the amount of life cover that you can apply for will depend on your age at the time of application.

Life Cover

  • 16 to 45 years old: up to $1.5 million
  • 46 to 55 years old: up to $1 million
  • 56 to 65 years old: up to $500,000

Optional Critical Illness Cover

  • 16 to 45 years old: up to $500,000
  • 46 to 55 years old: up to $500,000
  • 56 to 65 years old: not available

Optional Permanently Unable to Work Cover

  • 16 to 45 years old: up to $1.5 million
  • 46 to 55 years old: up to $1 million
  • 56 to 65 years old: not available

Your application for HSBC Life Cover is subject to underwriting and acceptance is not guaranteed.

Your HSBC Life Cover plan will be guaranteed to be renewed each year until you are 99 years old. During the time of your cover you are protected 24 hours a day, wherever you are in the world.

You also have a cooling-off period of 30 days from the commencement date of your HSBC Life Cover policy. So, should you change your mind, you can cancel your policy within this period and any premiums paid to date will be fully refunded.

Steps to make a claim with HSBC

There are several ways to claim on your HSBC Life Insurance;

  • Online is the fastest and easiest way to claim. Simply fill out and submit a claim notification form 24/7 on the HSBC website and a consultant will contact you the next business day to discuss your claim and guide you through the process.
  • Alternatively you can call HSBC on 1300 205 060 between 7.30am and 8pm on week days and 7.30am to 6pm on weekends and a consultant will assist you.

Whenever an insured event occurs, you need to notify HSBC of this as soon as possible. Of course, you’ll also need to supply reasonable proof to HSBC that an insured event has occurred. For medical claims, you will need to provide supporting documentation from one or more medical practitioners registered in Australia or New Zealand, along with any relevant information such as lab or test results.

If your claim arises from a surgical procedure, HSBC will require proof that the procedure was medically necessary. The insurer may also undertake other reasonable tests to check whether an insured event occurred.

Some final reasons to choose HSBC Life Cover?

HSBC Life Cover offers a host of important features and benefits to policyholders. With the ability to choose a benefit amount up to $1.5 million, you can select a level of coverage that suits the needs of your family. Terminal Illness cover adds increased flexibility to the policy, while the accidental injury benefit is another impressive feature.

HSBC Life Cover is designed to offer the financial safety net your family would need if you were no longer around to provide for them. It is all about peace of mind and security for your loved ones, and is an option worth considering if you’re looking for life insurance cover.

A bit of extra information

What factors influence how much life Insurance I need?

Things like whether you are married or single, have dependants or not and whether you have financial obligations such as a mortgage.

Do I need to have a medical examination when I apply?

HSBC Easy Life Insurance applications are subject to underwriting and acceptance is not guaranteed, so a medical assessment may be required.

Can I change my mind and cancel my HSBC Life Insurance policy?

You can cancel your policy at any time, but if you want to receive a refund of premiums paid, you will need to do so within the cooling off period, which is 30 days. As long as you cancel your policy during this time, any premiums you have paid will be refunded, providing you have not made a claim.

How much will my HSBC Life Insurance cost me?

The cost of your premium is determined by a range of factors including the sum insured, whether your premiums are stepped or level, any additional options you include in your cover, your age, occupation, gender, smoking status, health and family medical history.

What happens if I suffer an insured event while I am overseas?

You are covered by your HSBC Life Insurance 24/7 anywhere in the world, as long as you're not in a country where a ‘Do Not Travel’ warning has been posted by the Australian Government.

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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