HSBC life insurance

Learn more about HSBC life insurance

Last reviewed 02 February 2022

Why choose HSBC life insurance?

  • Get cover of up to £2 million
  • Free accidental death benefit
  • Easy policy monitoring with HSBC Access

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Who is HSBC?

HSBC Life (UK) Limited is an arm of HSBC Group, which was formed in 1865 as the Hongkong and Shanghai Banking Corporation.

It’s one of the world’s largest banking and financial services organisations, serving more than 40 million customers worldwide.

The life insurance division was launched in 1988 and is based in Canary Wharf, London, with a customer service centre in St Albans, Hertfordshire.

HSBC recorded 100% life insurance claims pay-out rate in 1999. These pay-outs were worth £36 million.

HSBC is regulated by the Financial Conduct Authority and authorised by the Prudential Regulation Authority.

Life insurance policies are covered by the Financial Services Conduct Authority, so if the insurer goes bust you’re guaranteed the terms of your policy will be totally protected.

What types of life insurance does HSBC offer?

HSBC offers flexible life insurance to suit a variety of requirements. All life insurance policies can be set up to pay up to £2 million upon death or a terminal diagnosis.

The policies it offers include:

  • Level term life insurance
  • Decreasing term life insurance
  • Joint life insurance

Level term life insurance sees you paying a fixed monthly payment, and ensures that your loved ones will receive a pre-determined lump sum in the event of your death. It can be more expensive than decreasing term life insurance, as the amount your beneficiaries are entitled to should you pass away does not decrease over the course of your policy.

Decreasing term life insurance is also known as mortgage life insurance, as it's often taken out to cover the cost of a mortgage. You pay a monthly premium like with level term life insurance, but the pay-out your loved ones are entitled to decreases over time, usually in line with how much you owe on your mortgage. This usually makes decreasing term policies the cheaper option.

Joint life insurance covers two people, paying out if either of you die during the cover term. After this, the policy ends. Joint policies often work out cheaper than the cost of taking out two separate life insurance policies, but will only pay out for a single death. If you and your partner were to pass away at the same time, your beneficiaries would only receive a single payout.

What benefits does HSBC offer with its life insurance?

HSBC offer a selection of life insurance policies and types, so the exact levels of cover and benefits may vary. Before buying life insurance, we recommend you check the cover and benefits included.

HSBC life insurance comes with some standout benefits. These are:

  • Accidental death benefit
  • Interim death cover
  • Mortgage or loan protection benefit

Accidental death benefit provides cover for the sum insured, which can be up to £250,000. A claim on this benefit can be made up to 90 days from your application form reaching HSBC to the policy starting or being declined.

Interim death cover is provided as standard if you take out life insurance in tandem with a HSBC or First Direct residential mortgage. It starts from exchange of contracts, acceptance of your application, or the date HSBC receives your written acceptance of the terms, whichever is latest. Cover lasts for up to 90 days.

Mortgage or loan protection benefit is relevant if you take out decreasing term life insurance. It ensures the lump sum paid upon your death will be at least equal to the amount left outstanding on your mortgage or loan. However, for it to kick in you must’ve made all of the repayments required by the loan or mortgage provider to that date.

Can I cancel my HSBC life insurance policy?

Yes. You can cancel your life insurance policy at any time and for any reason. If you cancel within 30 days of receiving your policy schedule any premiums paid to that date will be refunded in full.

If you opt to cancel your life insurance policy after the 30-day cooling-off period, HSBC won’t refund any payments you would’ve made.

It’s always best to speak to the insurance provider before making such a big decision, as there may be options open to you that you’ve not considered.

Should you still decide to cancel your HSBC life insurance policy, you can do so by calling 0345 745 6125.

Phone lines are open 8 am to 6 pm Monday to Friday, excluding public holidays.

Alternatively, you can write to cancel at:

Customer Services Centre,

See our guide for tips on how to cancel your life insurance.

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How to contact HSBC

If you want to contact HSBC about its life insurance offerings in general you can write to the insurer at its head office, which is:

Customer Service Centre,
HSBC Life (UK) Limited,
PO Box 1053,
St. Albans,

Alternatively, non-HSBC customers can call 03455 873 444.

HSBC customers can phone 03457 404 404 for general enquiries, or 0333 207 5563 for policy specific queries.

Customers can also access their life insurance details via their HSBC Access Portal or email the company at

Confused Life is provided by Direct Life & Pension Services Ltd, who are authorised and regulated by the Financial Conduct Authority. Registered office; 2nd Floor Gateway 2, Holgate Park Drive, York, United Kingdom, YO26 4GB. Registered in England and Wales No 2467691. Our service is free and compares a wide range of trusted household names. is an intermediary and receives commission from Direct Life & Pension Services Ltd which is based on a percentage of the total annual premium if you decide to buy through our website. We pride ourselves on impartiality and independence – therefore we don’t promote any one insurance provider over another.