HSBC is one of the world’s largest banking and financial services organisations, serving more than 40 million customers through its global businesses: Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets. Its network covers 64 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.
HSBC’s life insurance policy provides a one-off cash sum if you were to die during the cover period, paying up to £2 million upon death or terminal illness diagnosis. Accidental Death cover is included for free until your policy start date up to £250,000. HSBC offers two main types of life insurance cover:
Over 50s Life Insurance
HSBC does not offer over 50s life insurance.
Mortgage Life Insurance
HSBC does not offer mortgage life insurance.
Critical Illness Cover
HSBC’s critical illness cover offers you and your loved ones financial support should you unexpectedly fall ill and become diagnosed with one of 35 specified critical illnesses or surgical procedures, including cancer, heart attack, multiple sclerosis, stroke, Alzheimers and dementia. A lump sum of up to £1,000,000 will be paid out on diagnosis, free of UK income and capital gains taxes. To be eligible you must be a UK resident aged 17 or over and under 69 years of age. The cover must cease before your 75th birthday.
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Whole Life Insurance
HSBC does not offer whole of life insurance.
Income Protection Insurance
HSBC’s income protection insurance offers financial support if you are unable to work due to an accident or injury, paying a monthly tax-free benefit to help replace your loss of earnings. In addition to a monthly benefit, the policy can provide specialist rehabilitation services, tailored to you, which can help you get back on your feet and back in to work. Income Cover can be taken over a set term or until you are 68. To be eligible you must be a UK resident aged between 17 and 59 years old.
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HSBC offers a large range of financial services including Wealth, Investments and Personal Banking, Commercial Banking, Global Banking, Markets and Property and Family Insurance.
HSBC Reviews and Ratings
Online reviews for HSBC are very poor with the majority of reviewers noting poor customer service and frustration at being placed on hold for long periods. There are also many complaints about online services not functioning properly.
- A popular, trusted brand name
- One of the world’s largest banking and financial services organisations
- Accidental death cover included for free
- Income protection cover includes additional services such as specialist rehabilitation support
- A large range of related financial products available
- Online planning tools available to facilitate decision making
- Telephone Protection Advice service offered
- Very poor record of customer service
- Complaints about online services not functioning properly
- A very large, overwhelming website
- Over 50s Life Insurance not offered
- Mortgage Life Insurance not offered