HSBC Life Insurance Review [A 2025 Must Read]

Q: Who are HSBC UK?

HSBC are globally recognised as being one of the biggest banking and financial services companies, originating in Hong Kong over 150 years ago. HSBC UK’s roots began in 1992 when HSBC bought Midland bank. They offer a variety of financial services like personal bank accounts, loans, mortgages and life insurance. With their headquarters located in Birmingham, HSBC have 14.7 million UK customers across all their financial services. HSBC’s protection products, which include life insurance, critical illness cover and income protection, are provided by HSBC Life (UK) Limited which is a Financial Conduct Authority regulated company. ( Financial Services Register number is 133435 ).

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HSBC life insurance
HSBC life insurance review summary
Who are HSBC UK?
HSBC life insurance reviews
Is HSBC life insurance good?
HSBC life insurance policies
How much does HSBC life insurance cost?
HSBC life insurance benefits
HSBC critical illness cover
HSBC income protection
How to cancel HSBC life insurance?

HSBC life insurance

HSBC is the largest bank in the UK^[1] with over 14 million active customers^[2] with a long standing reputation in the financial industry.

HSBC are known to provide a range of financial services, including personal banking, loans, mortgages, and life insurance options.

Their life insurance policies are term-based products (level and decreasing) which is a popular option that can be personalised to meet a variety of needs. Cover is advertised as straightforward and reliable, but is this true?

Whilst Reassured can’t offer HSBC life insurance quotes, we can still offer a variety of life insurance options from some of the UK’s biggest insurers.

We can assist you in comparing quotes to discover budget-friendly options; simply get in touch today or fill out our online form to receive your quotes.

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HSBC life insurance review key points:

HSBC offer term life insurance options, including level or decreasing
Policies can be single (to cover one person) or joint (to cover two people)
For an additional cost, you can add critical illness cover to your policy (level cover only)
HSBC offer policies to those aged 17 - 70 years (cover must end by 80 years of age)
HSBC have a reliable pay out rate of 97% in 2023^[3]
HSBC’s critical illness cover can cover 35 conditions
Policies include free terminal illness cover benefit and accidental death benefit

Why use Reassured to compare term life insurance quotes?

Reassured is the UK's largest life insurance broker^*
We compare FREE quotes from leading insurers to help customers find good deals
We offer a buy life insurance online service
Affordable term life insurance premiums from 20p-a-day^†
We offer free terminal illness cover with all our term life insurance policies
Our service is rated ‘Excellent’ on Trustpilot with over 80,000 reviews
We offer a FREE trust writing service with the majority of our polices (reduce or avoid 40% inheritance tax)
We can help you compare term life insurance policies
Our service is FCA-regulated (Financial Conduct Authority) & award-winning

Who are HSBC UK?

HSBC are globally recognised as being one of the biggest banking and financial services companies, originating in Hong Kong over 150 years ago.

HSBC UK’s roots began in 1992 when HSBC bought Midland bank. They offer a variety of financial services like personal bank accounts, loans, mortgages and life insurance.

With their headquarters located in Birmingham, HSBC have 14.7 million UK customers across all their financial services.

HSBC’s protection products, which include life insurance, critical illness cover and income protection, are provided by HSBC Life (UK) Limited which is a Financial Conduct Authority regulated company. (Financial Services Register number is 133435).

HSBC life insurance reviews

Customer and expert reviews are a great way to get an honest insight into what insurers are really like.

HSBC have received mixed reviews for their company as a whole, and for their life insurance products.

Expert rating websites, such as Defaqto, provide star ratings for products based on research carried out by experts (the higher the star rating, the better the product).

The table below shows the ratings for HSBC from TrustPilot, Defaqto and Fairer Finance:

Rating	Product	Analysis
2.0 ('Poor')	All financial services	HSBC as a whole has been rated poorly by customers on Trustpilot with a ‘poor’ score of 2/5 stars from 9,350 reviews. This is not necessarily a reflection on their life insurance products.
4 stars & 3 stars	Level & decreasing	Expert rating site, Defaqto, rates 4 stars (out of 5 stars) for HSBC’s level term policy and 3 stars (an average rating) for their decreasing term policy.
73.65%	Life insurance	Fairer Finance, an expert rating site has given HSBC life insurance a 73.65% customer experience rating based on: - Claims score: 81.65% - Complaints performance: 85.61% - Transparency rating: 53.67%

All ratings are accurate as of 20/11/24

Reassured is rated 'Excellent' on Trustpilot with over 80,000 reviews.

Is HSBC life insurance good?

To determine if an insurer is ‘good’ will be down to personal preference and what type of policy is suitable for you. By comparing quotes and exploring the market, you can make a decision based on your budget and needs.

Below is a table comparing some of the main pros and cons of HSBC life insurance, so you can decide for yourself:

PROs	CONs
Award winning: They have won many global awards, including: world’s best bank in the Euromoney Awards for Excellence 2024^[4], Cover Excellence Awards for Outstanding Individual Critical Illness in 2022.	Not much option: HSBC only offer term life insurance policies, which may not suit all customers. With only two types of life cover it doesn’t leave much choice for those exploring their options.
High pay out rates: HSBC have also kept their pay out rates high for many years. With 99% of pay out rates for life insurance claims in 2021^[5] to 97% in 2023.	Expensive for those with medical conditions: If you’re applying with a medical condition, premiums may be inflated or less accessible (depending on your condition).
Affordable premiums for standard applicants: If you’re applying for a standard policy, you may be able to secure affordable premiums. Compared to some other big insurers, HSBC premiums offer a competitive price.	Less additional benefits: HSBC doesn’t offer many additional benefits with their life insurance policies compared to other insurers (e.g. a gift card, additional support for loved ones or health benefits).
Mortgage protection: For HSBC customers only, there is a valuable benefit of mortgage protection being included in life policies taken out through HSBC.

HSBC life insurance policies

The HSBC life insurance policies available are level term and decreasing term. Those aged 17 to 70 are able to apply for life insurance with HSBC. Please note Reassured offer life insurance to those 18 years and over.

Term life insurance is a popular option for customers looking to cover mortgage costs as it typically offers a larger pay out amount and is often affordable.

HSBC Level term:

A policy where your pay out (lump sum) remains the same throughout the policy term
Lump sum amount can be £10,000 - £2,000,000
Minimum length of policy: From 5 years (policy must end before you turn 80 years of age)
Suitable for those who want to help protect a mortgage and/or family living costs
If you pass away within the term, loved ones will benefit from the full lump sum

HSBC Decreasing term:

A policy where the pay out reduces over time throughout the policy term
Lump sum amount can be £10,000 - £2,000,000
Minimum length of policy: 5 years (policy must end before you turn 80 years of age)
Suitable for those with a repayment mortgage
Typically a cheaper option

The cost of your premiums will be calculated depending on your personal circumstances, including your medical history.

Joint life insurance

You can make either your level term or decreasing life insurance policy with HSBC to become joint with another party. This is typically a partner that you share finances with.

Joint life insurance is a type of policy that is designed to cover two people under a single policy, which pays out if either person passes away during the policy term. This type of policy only pays out once, typically if the first partner dies.

This can be a more affordable life insurance option for those seeking shared financial security.

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How much does HSBC life insurance cost?

The cost of HSBC life insurance will be calculated based on a variety of factors, which include:

Age
Medical history
Smoking status
Alcohol consumption
BMI
Lifestyle / hobbies
Sum assured (cover amount)
Policy type and policy term

Insurers use these details to calculate how much of a risk you are to insure (the likelihood of a claim being made) which will determine the cost of your monthly premium.

The table below shows example of 20-year level term life insurance premium prices from HSBC. Quotes are based on a non-smoker in good health, taking out £200,000 cover:

Age	Monthly premium
20	£4.27
25	£5.02
30	£6.55
35	£9.37
40	£13.87
45	£21.27
50	£35.17

The table below shows example of 20-year decreasing term life insurance premium prices from HSBC. Quotes are based on a non-smoker in good health, taking out £200,000 cover:

Age	Monthly premium
20	£3.52
25	£4.20
30	£5.10
35	£6.75
40	£9.90
45	£14.35
50	£22.60

Please note, Reassured can’t provide life insurance from HSBC, however we can offer policies from some of the UK’s leading insurers.

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HSBC life insurance benefits

For no additional cost, the benefits included with an HSBC policy are:

Accidental death benefit - If you pass away due to an accidental bodily injury or external, violent or visible means, you are provided with free cover of the sum assured applied for up to a maximum of £250,000. This is cover for a maximum of 90 days after your application being processed
Interim cover - A free death benefit is provided until your policy commences up to the amount applied for. This applies to any HSBC financial aiding service
Mortgage / Loan protection - For those taking out a decreasing cover policy to protect HSBC direct mortgages or loans, if the outstanding balance and remaining term matched the sum assured then the policy will include additional protection
Free terminal illness cover - A lump sum payment if you become terminally ill when the policy is active

HSBC critical illness cover

For an additional cost, you can add a critical illness cover policy to your life insurance through HSBC.

Critical illness cover is a form of protection that pays out a lump sum if you suffer a critical illness or undergo a surgical procedure, that is specified in the terms of the policy.

This can be in the form of a single or joint policy and offers £10,000 - £1,000,000 sum assured through HSBC.

The pay out could help cover any lost income or making adaptations to your home in relation to your critical illness.

HSBC includes 35 conditions in their terms, including:

Blindness
Cancer
Coma
Dementia (including Alzheimer’s disease)
Heart attack
Parkinson’s disease
MS
Loss of speech
Loss of hands or feet
Intensive care
Stroke

You can find the complete list on the HSBC critical illness cover terms and conditions.

Critical illness cover through HSBC is level cover only with a minimum length of policy being 5 years and your policy needing to end by the time you reach 75 years of age.

Cover will begin after 90 days of the policy start date and is available to those aged 17 - 70.

Please note critical illness cover through Reassured can only be sold to those 18 years and over.

Critical illness cover through Reassured can start from just 33p-a-day^º.

HSBC income protection

HSBC offer income protection policies to financially support those in the event of being unable to work due to an illness or injury.

Income protection is a form of cover that typically helps cover up to 70% of your monthly income, although this depends on the insurer.

HSBC income protection key points:

HSBC will cover 50% of your pre-tax earnings and a maximum of £50,000 a year
The policy has a minimum term of 5 years and maximum limit of 68 years of age
If you cancel your income protection, the policy has no cash in value at any time
Deferred period between 4 to 52 weeks
HSBC offer a 2-year plan which can pay benefit for up to two years

HSBC offer a personal touch of having your own dedicated claims assessor to offer you support, as well as, offering a rehabilitation service to help you back on your feet as a result of your illness or injury.

Reassured offer a whole of market income protection comparison service, allowing you to find our best deal.

HSBC life insurance in trust

When setting up a life insurance policy, in many cases it’s a good idea to write your policy in trust.

You can do this with HSBC. Writing a policy in trust means you’re signing the rights of your policy to a trustee when you pass away, who can then manage the pay out (on behalf of your beneficiaries).

With HSBC, you can write your policy in trust when setting up a policy or an existing policy. This is through a life insurance trust form which you can sign digitally or print off and send to them via post.

Writing in trust can help avoid / reduce 40% of inheritance tax and avoid the probate process.

Reassured can offers a free online trust-writing service with most of the policies arranged through us.

How to cancel HSBC life insurance

To contact HSBC and cancel an active policy, call HSBC directly at: 03457456125.

Available 08:00 - 17:00 between Monday to Friday, excluding public holidays.

Before making the decision to cancel a life policy, it’s important to make sure you’re making the right choice and consider what policy would be better for your needs.

Seeking professional advice or getting in contact with your insurer can help you come to a well informed decision.

HSBC contact details

To contact HSBC’s life insurance team, there are a few options available.

By telephone: 0333 207 5563

By email: support@lifeprotectionplan.hsbc.co.uk

Writing in by post:
Customer Services Centre
HSBC Life (UK) Limited
PO BOX 1053
St Albans
Hertfordshire
AL1 9QG

You can also find all your details on their online portal, HSBC Access Life Insurance online, to access your policy details, documents and other information.

Make a claim with HSBC

If you’d like to make a claim on your policy with HSBC, then get in contact with their claims team via the methods below:

Telephone: 0333 745 6125

By email: life.claims@hsbc.com

Via post:
HSBC Life (UK) Limited
PO Box 1053
St Albans
AL1 9QG

HSBC pay out rates

In 2023, HSBC paid out over 97% of all insurance claims^[3].

On average, UK insurer’s life insurance pay out rates are around 96%. When applying for a policy, as long as you’re honest and fully disclose all required information, then you shouldn’t have any issues with loved ones receiving the pay out if you pass away while cover is in place.

Compare life insurance quotes

Whilst Reassured can’t offer policies from HSBC, we can offer a life insurance comparison service for some of the UK’s best providers.

Comparing quotes is an essential part of beginning your life insurance journey, to ensure you secure a policy suitable for your needs and to find your best deal.

Our professionals here at Reassured can help keep you informed and assist you every step of the way during the application process over the phone. If you prefer, you can also use our buy online option to get quotes at your own pace.

Why not get in touch today with our friendly call handlers here at Reassured to safeguard your loved one’s financial future.

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