Who is this coverage for?
- Any HSBC Premier MasterCard, HSBC Advance MasterCard, Visa Gold, Visa Classic, MasterCard Classic, BermudaCard, and Premier BermudaCard cardholder with an account in good standing
- The primary cardholder, and not the holder of a supplementary card
- Must be a resident of Bermuda and between the ages of 18 and 64
Coverage Features
- Death Benefit
- Disability Benefit
Benefits
- Coverage for your entire credit card balance(s) in the event of your death up to the defined maximums set out in the Policy Summary
- Coverage on your minimum credit card payments for up to 24 months in the event of certain defined disabilities
Terms and conditions apply including limits and exclusions. Please refer to the policy document for full details.
Frequently Asked Questions
1. What does Credit Card Protection Insurance cover?
Credit Card Protection Insurance is designed to cover your credit card debt in the event of your death, or if you are unable to work at your normal employment due to certain your disabilities. Most people do not think about what happens to their financial obligations when they die or become unable to work. With this protection, you will be comfortable, knowing you and your family are covered from credit card debt in times of uncertainty.
2. Does Credit Card Protection Insurance cover me for fraud
Credit Card Protection Insurance is not designed as cover for any fraudulent charges on your credit card. This product is designed primarily as a Life & Disability Insurance product.
3. How are premiums charged for this product?
The monthly premium is based on your monthly ending balance, meaning if your balance is zero, then you pay no premium.
4. Is this insurance mandatory when I purchase my credit card?
HSBC offers Credit Card Protection Insurance as an optional coverage for your credit card.
5. Can I cancel the insurance at any time?
Credit Card Protection Insurance can be cancelled at any time. Your coverage will be terminated as of the first credit card billing date following your proper written request to cancel your insurance.
6. Is there any cancellation penalty or refund policy for this insurance?
There are no cancellation penalties for this insurance. You have a 14 day cooling off period from the effective date of insurance in which to cancel your insurance coverage and have any premiums that have been charged refunded in full. After that period, any premiums that have been charged will not be refundable upon cancellation of this insurance unless they were charged in error.
7. What happens if my credit card falls delinquent?
Your Credit Card Protection Insurance will be cancelled if no payment has been received for your credit card for 90 days after the payment due date. You will be able to reapply for Credit Card Protection Insurance after payment has been made and your account has been brought up-to-date.
8. How long will I be covered for disability benefits?
If you are eligible for disability benefits, your minimum payment to your credit card will be paid up to a maximum period of 24 months per claim, with up to a maximum of 3 separate claims, not to exceed the defined maximums set out in the Policy Summary.
9. Will my card be frozen while I am covered under disability benefits?
At no time will Credit Card Protection Insurance impact the normal use of your credit card.
10. If my partner is secondary on my credit card, and something happens to him/her will I receive payment under this policy?
Only the primary cardholder is eligible for death or disability benefits under this coverage.
11. Are premiums for Credit Card Protection Insurance different for each credit card product?
The premiums for this coverage are the same for each credit card type. The limits of coverage can change depending on the type of card you have purchased. Please refer to the Policy Summary for details on coverage limits based on your credit card type.
12. How do I make a claim?
You can visit any HSBC Branch or BF&M to request a Claims Form.
All Claims must be submitted directly to BF&MLife Insurance Company Limited:
Monday-Friday, 8am to 5pm Customer Service: +1 441 295 5566
This information is intended to be a summary of the policy cover provided to us by BF&M Limited in our capacity as an insurance agent of BF&M Limited. For further details, please contact your Relationship Manager or call +441 296 SAFE (7233).
Issued by HSBC Bank Bermuda Limited, a member of the HSBC Group, which is acting solely as an insurance agent of BF&M pursuant to its insurance agent’s license issued by the Bermuda Monetary Authority and accepts no responsibility for the underwriting, administering or claims handling of insurance products. HSBC Insurance is the brand name for insurance products offered by HSBC Group members.
All questions concerning claims must be submitted directly to BF&M.
