HSBC Life Insurance

Compare life insurance policies available from HSBC Bank.

HSBC is known as "the world’s bank" and when you look back over its history, it has truly traversed the different continents in pursuit of financial understanding, offering the best financial products to people of every background. This also means that HSBC is able to turn its hand to life insurance products for Australians, applying world leading techniques and offering world-class features and benefits which will protect you and your family into the future.

You’ve also got the strength of history behind you when you work with HSBC, as the bank began operating in Australia in 1965 and was awarded a commercial banking license in 1986. The HSBC headquarters are in London, but the group serves customers around the world, with approximately 6,600 offices in over 81 countries.

Australia has 36 of the HSBC branches, where they offer retail and commercial banking products and services, financial planning, trade finance, treasury and financial markets, payments and cash management, and securities custody.

HSBC is not only highly skilled and experienced in the finance industry, it is well recognised for its achievements too, having been awarded:

Important Information

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Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Cooling-off
(days)
Expiry Age Short Description
$1,000,000
60
$100,000
30
99
Get life cover up to $1 million.
$15,000,000
69
$50,000
30
99
Get two months free when you combine life insurance with another type of cover. T&C’s apply. Ends 20 December 2019.
$1,000,000
64
$100,000
30
No expiry age as long as premiums are paid
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™.
$1,500,000
65
$3,000
30
80
Choice of cover options and flexible premiums to suit your budget. No lock-in contracts and fast application.
$1,500,000
65
$100,000
30
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, ahm health members can save 10% off premiums.
$1,500,000
65
$100,000
30
No expiry age as long as premiums are paid
Get a quote & you could win a $1,000 eftops Gift Card. Offer ends 19 January 2020. T&C's apply.
$1,000,000
65
$100,000
30
80
Receive one month's premiums off every year if you pay annually upfront. T&C’s apply.
$1,500,000
69
$50,000
30
99
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
$2,000,000
74
$100,000
30
100
Get life cover up to $2 million.
$1,500,000
65
$100,000
30
99
Take out a policy and get a $100 bonus gift after holding cover for 2 months. T&C's apply. Ends 31 March 2020.
$1,500,000
64
$100,000
30
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

Compare up to 4 providers

Life Insurance Products from HSBC Bank

So what does all of this means for the specifics of what’s included in your life insurance products from HSBC? It means you’re getting a carefully constructed, highly developed insurance product from a world leading financial institution, so you can choose from a range of insurance solution of:

  • Life cover: Life cover from HSBC pays a lump sum benefit if you die or are diagnosed with a terminal illness and have less than 12 months to live.
  • Critical illness cover: Pays a lump sum benefit if you suffer one of the critical illnesses defined in your HSBC policy.
  • Permanently unable to work cover: Provides you and your family with a lump sum benefit payment if you are unlikely to ever be able to return to work because of illness or injury. Your ability to return to work will be assessed based on the occupation you held at the time of suffering your illness or injury, and also any occupation for which you have relevant education, training or experience.
  • Bundled HSBC life insurance products: You can combine your HSBC life insurance policies for greater coverage, for example, you can take out critical illness cover and permanently unable to work cover as part of a life cover policy. In this case the amount of your critical illness benefit or your permanently unable to work benefit must not be greater than your life cover benefit amount. This is because, the total amount you can be paid under a policy of combined cover is the Life Cover Amount, before any other benefits have been paid, as the payment of a benefit for one type of cover reduces the cover amount of the remaining benefits.
  • Flexible insurance cover: Once your HSBC life insurance policies are in force, you can increase your life cover amount at any time by applying to HSBC. You can also apply to add benefits to your life insurance, and while your application will be subject to assessment to approve an increase in cover, any existing cover will not be affected if the increase is declined.
  • Accidental injury included with Life Cover: If you suffer an accidental injury as defined y your HSBC Life Cover policy, you will receive a benefit payment from your cover amount. For example, losing the use of one hand, one foot or the sight in one eye you will receive 25% of the cover amount. Any combination of losing the use of two or more of your hands, feet or eyes and you will receive 100% of the cover amount.

If you are an Australian or New Zealand citizen, or hold an Australian Permanent Residency Visa and residing permanently in Australia, you can apply for life insurance with HSBC. You must be 16 to 65 years old to apply for the Life Cover policy, and 16 to 55 to apply for Critical Illness cover, or Permanently Unable to Work cover. To apply for Permanently Unable to Work cover you must also be working in an eligible occupation for at least 20 hours per week.

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.
The team of advisers that finder.com.au directs its enquiries to are not currently able to provide quotes for this provider. You may wish to consider our other primary providers instead.

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.

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