HSBC re-writes the protection rulebook

HSBC is re-writing the protection rule book with the launch of its LifeChoices plan, a one-stop-shop product that incorporates four key elements of protection and strips down the underwriting process to make it easier for you to arrange the right level of cover

Four key elements of cover for death, sickness, trauma and unemployment in one product

Underwriting process stripped down to just three questions

Three-quarters of applicants will be accepted within minutes

New research from HSBC shows that 70 per cent of families do not think they need protection, while around one in five people find applications too complicated. HSBC has developed LifeChoices to address these issues head on.

The four elements of cover available through LifeChoices are:

  • LifeChoice - level or decreasing life insurance providing a lump sum benefit, with terminal illness benefit included;
  • SicknessChoice - a monthly benefit paid if you are unable to work as a result of an accident or sickness;
  • TraumaChoice - a level or decreasing lump sum benefit that pays on the diagnosis of one of five serious illnesses or surgical operations
  • UnemploymentChoice - a monthly benefit paid following involuntary redundancy or if you leave work to become a Carer.

The four elements can be mixed-and-matched to provide a level of protection that perfectly fits individual lifestyle in one product. This is decided during an in-depth assessment by an HSBC adviser who will guide and advise you through the different levels of protection available.

LifeChoices also includes a vastly simplified underwriting process that has drastically reduced the amount of medical information required on application to ensure you understand exactly what is being asked of them.

This not only reduces the risk of accidental non-disclosure of a medical condition, but also removes the tedious form filling from the equation. As a result, HSBC expects three-quarters of applicants to be accepted for cover in a matter of minutes.

Robert Lang, Chief Executive Officer, HSBC Life, says, “Historically, buying protection has been viewed as an overwhelming task due to the long and arduous application process. LifeChoices has been designed specifically to make it much easier for our customers to get the appropriate protection for their needs - with the added bonus of getting their cover in a matter of minutes. We have always strongly believed that we have an obligation, in the spirit of Treating Customers Fairly, to offer customers the best protection advice. Provision of cover against death, illness and unemployment is a vital service HSBC offers its customers and LifeChoices allows us to continue doing this in one user-friendly product”

HSBC carried out comprehensive research to gain an understanding into consumer attitudes to protection in general. The results showed that many people are sceptical of protection products and have a lack of real understanding as to how and why they should be prioritising their protection needs:

  • 70 per cent of families with children under 16 do not think they need protection
  • Two-thirds of married couples are under the impression that they do not need protection
  • A fifth found the applications too complicated
  • 43 per cent of couples cited current good health as reason why they do not need protection.

Robert Lang continues “We all know the inherent value of protection, but it is often the last thing we want to worry about when we take out a mortgage or there is another change in our lives, such as getting married or having a baby. Through LifeChoices, HSBC hopes to drive away negative perceptions and restore faith in protection. It is all a part of our firm commitment to enable our customers to have the right level of protection in place, and LifeChoices makes it easier than ever before”

LifeChoice, TraumaChoice and SicknessChoice are provided by HSBC Life (UK) Limited.

UnemploymentChoice is provided by Norwich Union.

TraumaChoice illnesses cover: Cancer, Coronary Artery By-Pass Grafts, Heart Attack, Stroke and Multiple Sclerosis.

You must buy LifeChoice and/or SicknessChoice, before being able to buy either TraumaChoice and/ or  UnemploymentChoice


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