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- A total of 39 full payment conditions
- Option to add Total Permanent Disability as an additional full payment condition
- 2 additional payment conditions: £25,000 or 25% of the sum assured
- Clients with Type 2 Diabetes will have the opportunity for Critical Illness cover with a three-day turnaround from an initial blood test with no NHS records required.
- Terminal Illness Benefit – a full sum assured payout of a customer is diagnosed with a terminal illness expected to lead to death within 12 months.
- Available on level, decreasing (8%) and increasing (RPI) cover types.
- Available standalone or integrated with life cover
- Both single and joint cover options
- Guaranteed Insurability Option up to 50% of the sum assured at the policy start date up to a maximum of £150,000
- Joint Life Separation Benefit whereby the policy can be split into two single policies without further underwriting questions
- Access to added value health benefits, included for new and existing policyholders and children, at no extra cost*.
* See here for maximum times each benefit can be used in a calendar year.
- A total of 50 full payment conditions
- Option to add Total Permanent Disability as an additional full payment condition
- A total of 40 additional payment conditions; (whichever is lower)
- Clients with Type 2 Diabetes will have the opportunity for Critical Illness cover with a three-day turnaround from an initial blood test with no NHS records required.
- Hospitalisation benefit due to accidental injury – a £5,000 lump sum payment following an accident that results in physical injury which requires the life insured to stay in hospital for 30 or more consecutive days
- Terminal Illness Benefit – a full sum assured pay-out if a customer is diagnosed with a terminal illness which is expected to lead to death within 12 months
- Our definition of a heart attack is broader than the ABI’s. If the consultant says it’s a heart attack it’s a heart attack.
- Available standalone, or integrated with life cover
- Available on level, decreasing (8%) and increasing (RPI) cover types
- Both single and joint cover options
- Guaranteed Insurability Option up to 50% of the sum assured at the policy start date up to a maximum of £150,000
- Joint Life Separation Benefit whereby the policy can be split into two single policies without any further underwriting questions
- Access to added value health benefits, included for new and existing policyholders and children, at no extra cost
* See here for maximum times each benefit can be used in a calendar year.
Children are automatically covered when your client chooses an HSBC Critical Illness or CI Plus policy. Benefits include:
- Access for children to certain added value health benefits
- Children’s bereavement benefit of £5,000 on Critical Illness, £10,000 on CI Plus
- Clients with Critical Illness Plus cover gain Children’s Hospital Benefit: £100 per day where a dependent child is required to stay in hospital between 7 and 30 consecutive nights
With Critical Illness cover
- Children are covered from 30 days up to age 21
- Children’s cover lower of £25,000 or 50% of sum assured (for Adult Full payment conditions)
- Children’s cover lower of £25,000 or 25% of sum assured (for Adult Additional payment conditions)
With Critical Illness cover plus
- Children are covered from birth up to age 21
- Children’s cover lower of £50,000 or 50% of sum assured (for Adult Full payment conditions)
- Children’s cover lower of £30,000 or 50% of sum assured (for Adult Additional payment conditions)
* See here for maximum times each benefit can be used in a calendar year.
- Cover can be purchased for those aged 17-69, up to a maximum age at expiry of 90
- The maximum sum assured of £1.5m is available to those up to age 30 and £1.1m for those aged 31 to 40 and £1m ages 41 to 45.
- No GP reports required
- House Purchase Cover for maximum of 90 days, this cover will start from the later of:
- the date of exchange of contracts; or
- the date we accept your application
- Available on level, decreasing (8%) and increasing (RPI) cover types
- Both single and joint cover options
- Guaranteed Insurability Option up to 50% of the sum assured at the policy start date up to a maximum of £150,000
- Access to added value health benefits, included for new and existing policyholders and children, at no extra cost.
* See here for maximum times each benefit can be used in a calendar year.
How HSBC Life critical illness products compare
| HSBC Critical Illness | HSBC Critical Illness Plus | |
| Terminal Illness Benefit — a lump sum payment on earlier Diagnosis of a Terminal Illness | Yes | Yes |
| Critical Illness Benefit — (full payment condition) – a lump sum payment on diagnosis of one of the specified Critical Illnesses or when you undergo a specified surgical procedure | Yes | Yes |
| Critical Illness Benefit — (additional payment condition) – a specific lump sum payment on diagnosis of one of the specific Critical Illnesses or when you undergo a specific surgical procedure | The lower of £25,000 or 25% of the sum assured | The lower of £50,000 or 50% of the sum assured |
| Increase policy cover amount — option to increase your cover amount in specified circumstance without the need for further underwriting | Yes | Yes |
| Hospitalisation benefit due to accidental injury — a £5,000 lump sum payment following an accident that results in physical injury which requires the Life Insured to stay in hospital for 30 or more consecutive days | No | Yes |
| Children’s Critical Illness Benefit (i) — (full payment condition) – a specific lump sum payment upon diagnosis of a specified Critical Illnesses or a specified surgical procedure relating to a dependent child | The lower of £25,000 or 50% of the sum assured | The lower of £50,000 or 50% of the sum assured |
| Children’s Critical Illness Benefit (i) — (additional payment condition) – a specific lump sum payment upon diagnosis of a specified surgical procedure relating to a dependant | The lower of £25,000 or 25% of the sum assured | The lower of £30,000 or 50% of the sum assured |
| Children’s Hospital Benefit— £100 per day where a dependent child is required to stay in hospital between 7 and 30 consecutive nights | No | Yes |
| Children’s Bereavement Assistance— a lump sum payment to assist with costs in relation to the death of any dependent Child/Children during the Policy term | £5,000 | £10,000 |
| Separation benefit— in the event that the Lives Insured separate, under this benefit a joint Policy can be split into two single Policies without the need for any further medical information, allowing the Lives Insured the option to continue their cover independently | Yes | Yes |
| Optional benefits | ||
| Total Permanent Disability | Yes | Yes |
| Waiver of Premium— Min and max ages of 17 – 69, with deferred period of 26 weeks. Claims basis: ability to undertake Own Occupation if employed, or if not, Activities of Daily Living criteria. Claims can continue until the end of the policy term or aged 71 if earlier. | Yes | Yes |
HSBC Life online health services
HSBC Life have partnered with Square Health who provide expert medical assistance and wellbeing support services, with over 20 years of experience, and access to over 5,000 medical specialists across the UK
HSBC Life’s Square Health customers rate their services 4.8/5.0
- Unlimited Remote GP
- Prescription Services
- Second Medical Opinion
- Physiotherapy
- Annual Health MOT
- Mental Health Support
Find out more
Claims
In 2022, HSBC Life paid out claims accumulated across all its Life and Critical Illness produts and distribution channels, of 98.7% of Life Claims and 98.9% of Critical Illness claims.
HSBC Life’s average turnaround times for all claims is – CI 5 weeks and Life 4 weeks*
Paid 100% of all breast cancer claims received**
Paid 100% of all prostate and testicular cancer claims received***
HSBC Life have been helping people protect their families for over 35 years****. During this time* they have paid:
£2bn paid in claims to over 42,000 customers
25,000 Life insurance claims, totalling £785m
Over 15,000 critical illness claims, totalling over £787m
*Figures correct as at 31st December 2022 **During H1 2022 ***From January to September 2022 ****Since HSBC Life (UK) Limited started doing business in 1998
Why HSBC Life Critical Illness Cover?
Children's Critical Illness Cover
Included at no extra cost, regardless of their educational status, providing peace of mind to policyholders that they will have financial support should they need time off to care for their children.
Covered from birth up to age 23 on our Plus Plan.
No Heart Attack Severity
HSBC Life’s definition of a heart attack is broader than the ABI’s, so if the consultant says it’s a heart attack, then it’s a heart attack.
Gold Medal Cover
Awarded Gold status from Protection Guru.
Adviser tools & support
HSBC Life are dedicated to offering a straightforward and inclusive journey where customers have certainty and transparency of the Underwriting outcome.
- Critical Illness Cover available for type 2 diabetic customers
- Innovative, industry leading medical screening
- Pre-sales Underwriting Tool provides an instant, indicative underwriting decision in under two minutes.
View an interactive guide to HSBC Life, our products, the claims process and the support we offer to advisers.
Download a series of Sales Aids to use in meetings with clients.
- Why HSBC Life Sales Aid
- Why HSBC for Life Protections Sales Aid
- Why HSBC Life Critical Illness Cover Sales Aid
- HSBC Added Value Sales Aid
- HSBC Claims Sales Aid
Protection Guru has worked with HSBC Life to create a concise objective analysis of their product range. HSBC Life have had input to the design of this page and contributed to the cost of this construction maintenance, however Protection Guru have maintained editorial control over the content to ensure objectivity.
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