Although insurance might be considered a grudge purchase, there are only a few things worse than getting caught without it in an emergency. Whether this is a car wreck or a home invasion, insurance has the ability to restore the material things, or at least make a difference. HSBC offers customers a full spectrum of products and services related to the various insurance categories. This review takes a closer look at how HSBC Insurance compares with its peers.
HSBC is known as one of the biggest banks in the world and came about in the 1800s. It was founded to strengthen ties with Europe and Asia. This was at a time where global trade and industry was experiencing a peak, and banking services were sorely required.
The partnership continued over the years, and now include a few additional players to the game. HSBC has representation across the world and services millions of customers. It now carries a single brand across all the subsidiaries as well to improve customer brand identification.
We recently did a review on HSBC. Read more about it here.
Before Signing Up For An Insurance Product
Not only is insurance a grudge purchase, there is also that niggling anxiety that the insurance might not pay out in the event of a claim. When this happens, clients lose more than just their premiums.
In order to avoid such an event, it’s vital for customers to do some research on the insurer. It’s always a good idea to have a look at the payout history of an institution. Those who look for reasons not to pay out are often difficult to deal with.
It is also in the customer’s best interest to disclose everything upfront, even if they feel it might be small or irrelevant. Insurers who don’t insist on this information upfront but request it at claim stage could refute the claim based on non-disclosure.
Finally, the premium should not be the only thing to consider when signing up for a policy, as the quality of the policy is just as important. Customers need to ensure that the product is comprehensive and know what the conditions for a successful claim are.
Deutsche Bank offers a full financial planning division. Read the review here.
HSBC Insurance Product Offerings
HSBC Home Insurance
This option is suitable for clients who wish to cover their building, contents, or both. Furthermore, this option is only available to new HSBC Home Insurance Customers.
- Customers choose whether to have building and contents or either. When customers combine both, they have peace of mind that they have access to both sets of benefits too.
- Also, customers will enjoy new replacements for old items when something is lost or damaged. This excludes clothing and household linens.
- Furthermore, there is no extra charge should customers wish to pay monthly instead of yearly.
- The building cover option includes any damage that is caused by water escaping. This item covers the cost of tracing the source of the leak and making good any damage it causes.
- Finally, the policy covers the cost of new locks should customers lose or have their keys stolen.
Travel Insurance with Cover
This insurance type is suitable for those who wish to travel, whether by themselves or with family. Furthermore, the cover protects them whether traveling by land, air, or sea.
- Customers receive a 15% discount when they purchase their single trip or multi trip policy online. Furthermore, the offer is only available on new policies.
- The policy provides optional extras such as baggage cover, extended tip, scuba diving, golf, and winter sports.
- Customers enjoy up to £10 million of medical cover. This includes emergency medical treatment and associated expenses.
- Also, customers receive up to £5,000 cancellation cover.
- The cover includes protection should travelers become stranded abroad for at least 24 consecutive hours due to airspace or port closures.
- Finally, customers choose single trip or annual multi-trip policies with the UK only. European and Worldwide cover are also available.
Hardworking Student Insurance
This insurance takes care of a student’s belongings while they study. Also, customers will enjoy 4 levels of cover from £2,000 to £5,000.
- The policy includes accidental damage protection which covers home entertainment equipment, mirrors, and glass up to £250 per incident.
- Customers can claim up to £500 for each individual item that is lost or damaged.
- Furthermore, the policy also covers up to £100 if cash is lost or stolen.
- Finally, customers can choose to add a few extras such as pedal cycles, computers, and more.
High-Value Home Insurance
This product is specifically designed for those who own high-value properties. Also, the value of the cost of a rebuild should be over £500,000 and/or the contents should be worth over £80,000.
- The policy includes access to dedicated specialist teams that will insure that the correct level of cover is in place
- Customers have access to a personalized claims service to ensure things go back to normal as quickly as possible.
- Furthermore, customers enjoy a choice of suppliers, however, can work with their own if they decide to do so.
- The cover includes worldwide cover for possessions when customers are traveling in the UK or overseas.
- Finally, specialists ensure that fine art, jewelry, or antiques are fully protected.
This product is offered to HSBC customers, however, is managed and underwritten by M&S Bank.
- The policy includes a 15% discount when customers apply online. Furthermore, this is only available to new policies.
- Customers enjoy a 35% multi-pet discount.
- The policy covers dogs or cats from 8 weeks of age.
- Also, customers have 3 levels of policy options – premier, standard, or essential.
- The policy covers vet fees of up to £7,000 per annum. This covers the cost of ongoing treatment for long-term conditions.
- Customers also have access to a 24-hour helpline called vetfone.
- Finally, customers enjoy legal advice, bereavement support and information about local pet care providers.
Life Insurance Products
Explore Life Cover
Life cover is an insurance that pays out a lump sum to beneficiaries in the event of the customer’s death. It is to provide them with the means to carry on from a financial perspective.
- The lump sum is payable on death or on the diagnosis or a terminal illness. Furthermore, accidental death benefit is included.
- Also, the lump sum provides the necessary funds to pay off debt or other financial obligations.
- The lump sum is tax-free, which doesn’t add further financial burden to customers.
- Finally, customers can also apply for joint life cover which ceases when one party passes away.
Critical Illness Cover
This cover is ideal for those who require protection should they fall ill. Furthermore, the lump sum is paid on the diagnosis of specific illnesses. This cover is used to support the customer and their family. It could be used to cover medical bills, pay rehabilitation costs, or clear lending.
Customers who require some form of protection in the event that they are unable to work due to an accident or injury should look into this product. This cover pays a monthly tax-free benefit which helps customers replace the loss of their earnings.
- The policy can cover special rehabilitation services to help customers get back on their feet and back to work.
- The rehabilitation providers specialize in the most common causes of claims. These are psychological issues, musculoskeletal problems, and cancer.
- Furthermore, the cover can be taken over a set term or until customers reach the age of 59.
Critical Reviews Rating HSBC Insurance – 9 of 10
There are a number of different products that cover a wide variety of needs. Customers who wish to secure almost every aspect of their lives will find a product to suit it. Furthermore, the products are simple enough to apply for and customers also have access to professionals to guide them accordingly.
Apart from offering insurances to cover short-term needs, there is also the life cover option. The cover extends to illness and income cover, which allows customers to go about their daily lives with the secure knowledge that their families are taken care of.
The life cover provides customers with the means to protect their families in the event of their death. Those who have other sources of funds for their families could use the life cover as a legacy for their children. It is also vital for those who have debt, to have life cover in order to cover their debt. These payments are tax-free.
Customers have access to service professionals who will deal with their claims efficiently and with empathy. Some of the products also offer bereavement support.
Finally, the only aspect HSBC needs to work on in terms of their products is to broaden their products a bit. This is to ensure that their customers don’t have to go to other institutions in order to meet all their needs.