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The world's local bank
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I already have life insurance and disability insurance. Why do I need Personal Loan Life and Disability Insurance?
Having Personal Loan Life Insurance and Disability Insurance ensures your HSBC Personal Loan 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.
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Who can apply for Personal Loan Life Insurance and Disability Insurance from HSBC?
If you are between the ages of 18 and 64, then you are eligible to apply. To qualify for disability benefits, you must 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.
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How long is the coverage period?
You will be covered until you reach the age of 70 years.
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How much will Personal Loan Life Insurance cost?
Premiums are based on the principal amount (plus tax if applicable), term and amortization of the loan. Premiums are debited in arrears from the same account and at the same time as your monthly loan payment and, in most cases, cost just pennies a day.
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Do I need to take a medical examination?
No. Coverage is guaranteed up to a maximum of $100,000 and you won’t need to undergo a medical exam or even answer a health question. It’s that simple!
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Is there a review period or money back guarantee?
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.
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How do I apply?
Call us at 1-888-310-HSBC (4722). Or visit a branch near you.
We're here to help
If you need help choosing or applying for one of our Creditor Insurance plans, or if you have any questions, we're here to help. Just give us a call toll-free at 1 888 310 HSBC (4722), or visit one of our branches.
