Line of Credit Life Insurance FAQs

Having Line of Credit Insurance ensures your HSBC Line of Credit is taken care of in the event of death or disability. This allows you or your family to use the benefits from your other insurance plans to cover household expenses and other costs such as university education for your children.

If you are between the ages of 18 and 64, then you are eligible to apply for Line of Credit Life Insurance. To apply for Line of Credit Disability Insurance, you must have Line of Credit Life Insurance and be working at least 20 hours per week. If you are seasonally employed and currently not at work, then you must be able to perform your job duties.

You will be covered until you reach the age of 70.

For Line of Credit Life Insurance, premiums are calculated per $1,000 of your debit balance or re-advanceable credit, plus sales tax if applicable. Rates change as you reach each new age bracket. Joint rates are based on the age of the oldest applicant. For balances under $50k, the premium is only $0.50 per $1,000 for single coverage and $0.85 per $1,000 for joint coverage.

Mortgage or Line of Credit/Demand Loan Life Insurance Rates
Age	18-30	31-35	36-40	41-45	46-50	51-55	56-60	61-64
Single	.09	.13	.19	.28	.40	.53	.73	1.15
Joint	.14	.18	.27	.40	.56	.74	1.02	1.61
Rate per $1000 of debit balance. Plus GST and PST in Ontario and Quebec. Joint rates are the sum of each individual rate.

Mortgage or Line of Credit Disability Insurance Rates
Age	18-30	31-35	36-40	41-45	46-50	51-55	56-60	61-64
	1.40	1.80	2.20	2.80	3.50	4.30	5.40	6.90
Rate per $100 of Mortgage Payment. Plus GST and PST in Ontario and Quebec. Joint rates are the sum of each individual rate.

Rates for Line of Credit/Demand Loan limits $49,999 and under
Single Life Coverage is $.50 per $1,000 of balance
Joint Life Coverage is $.85 per $1,000
Premiums for Mortgage Disability Insurance are calculated per $100 of your mortgage payment, plus sales taxes if applicable. Joint coverage premiums will be the sum of two single rates.

You won't need to undergo a medical exam if you answer "No" to the health questions on the application. If you answer "Yes" to a health question some simple tests will be required. These tests can be carried out at your convenience and we will arrange to have a paramedical nurse come to your location.

Yes, there is review period of 30 days as well as a money back guarantee. If you find that your coverage does not meet your needs, simply cancel your policy any time during this 30-day review period and we will refund your premiums.

Call us at 1-888-310-HSBC (4722). Or visit a branch near you.