{"menuItems":[{"label":"Compare direct life insurance policies below","anchorName":"#compare-direct-life-insurance-policies-below"},{"label":"Life Insurance Products from HSBC Bank","anchorName":"#life-insurance-products-from-hsbc-bank"},{"label":"What does the policy cover?","anchorName":"#what-does-the-policy-cover"},{"label":"Optional benefits","anchorName":"#optional-benefits"},{"label":"Applying for HSBC Life Cover Policy","anchorName":"#applying-for-hsbc-life-cover-policy"},{"label":"Steps to make a claim with HSBC","anchorName":"#steps-to-make-a-claim-with-hsbc"},{"label":"Some final reasons to choose HSBC Life Cover?","anchorName":"#some-final-reasons-to-choose-hsbc-life-cover"},{"label":"A bit of extra information","anchorName":"#a-bit-of-extra-information"}]}
HSBC life insurance offers its customers security in the knowledge that they are with one of the world's most experienced financial institutions. As part of their life insurance product, you can get optional trauma and TPD cover, meaning you have protection if your life is impacted by illness or injury. With HSBC, Customers feel comfortable knowing that they're in good hands for all their insurance needs.
HSBC no longer offers life insurance to new clients. We have left this page for existing members of HSBC life insurance. You can also compare other life insurance options from some of our partners below.
Compare direct life insurance policies below
An adviser can help you find cover from trusted life insurance brands.
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.
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
Things like whether you are married or single, have dependants or not and whether you have financial obligations such as a mortgage.
HSBC Easy Life Insurance applications are subject to underwriting and acceptance is not guaranteed, so a medical assessment may be required.
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.
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.
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.
Willam Eve is the country manager for Finder's Canada operations. He has previously held the positions of group publisher of insurance for Finder Australia and lead publisher for the Finder global team. William has a Bachelor of Communications from the University of Technology Sydney, Australia. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team.
SPONSORED: Upgrade your internet before the end of 2023 and get ahead on your life admin! We take a look at some of the benefits of a faster internet connection.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan and read any disclosure documents (such as any Target Market Determination (TMD) and/or Product Disclosure Statement (PDS)) issued by the provider before making a decision.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
