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Consumer Loan Protection Insurance

Consumer Loan Protection Insurance is a form of Creditor Life Insurance which is designed to repay the balance of a consumer loan in the event the borrower dies before the loan is repaid.

Who is this policy for?

  • HSBC customers who are taking out a consumer loan

Need more information?

Request a Callback

• Or you can call us on +441 296 SAFE (7233)

Coverage Features

Customers may choose between the following Consumer Loan Protection options:

  • Group Level Term Life Insurance
  • Group Level Term Life and Accidental Death and Dismemberment (AD&D) Insurance

Life Insurance

Life Insurance pays the sum assured in the event the policy holder dies during the term of the loan. After any indebtedness related to the consumer loan is repaid to the bank, the named beneficiary(ies) will receive the funds remaining from this payment.

Life Insurance with AD&D Cover

Life Insurance with AD&D provides added security for the policy holder and their beneficiary(ies). If the Insured dies by accidental means, the death benefit is payable will be twice the sum insured. In the event that the life insured suffers a dismemberment loss, an additional benefit as outlined in the policy may be payable.


  • Assurance that family members will not be left with the burden of the customer's debt
  • Outstanding loan balances with HSBC up to a maximum of $100,000 are covered. Any remaining funds are disbursed to the customer's named beneficiary(ies)
  • No health risk assessment required
  • Monthly premium payments

Frequently Asked Questions

  1. Do I have to answer any medical questions?

    No. Your application will be automatically accepted, provided you are an eligible HSBC Consumer Loan customer. Certain exclusions, as described in the Application form, may apply.

  2. Should I buy life insurance if I have Consumer Loan Protection Insurance from HSBC?

    This insurance product is valid for the life of the loan only. We encourage customers to explore other life insurance options in addition to this product if they are looking for wider coverage for a longer time period.

  3. Can I cancel this policy at any time?

    Yes, this policy can be cancelled at any time. Customers will have a 30 day Free look period, with full reimbursement, if cancelled within 30 days of purchase.

  4. If I am involved in an accident and can no longer work can I claim from this insurance policy?

    Customers that are maimed or become disabled may be eligible for benefits from this insurance policy if they have purchased the Accidental Death and Dismemberment cover. Depending on the type of injury, a claim can be made for up to 100 per cent of the sum assured.

  5. How is the insurance premium paid?

    The premium is paid monthly from the customer's HSBC account.

  6. Can this coverage be applied to all loans that I have with HSBC?

    No. This insurance policy applies only to the consumer loan listed on your application form.

  7. What happens if the loan is paid off earlier than expected?

    This coverage becomes null and void when the loan is paid off or refinanced.

  8. How do I submit a claim?

    Claims can be submitted directly to BF&M Life Insurance Company Limited:
    Monday-Friday, 8am- 5pm Customer Service: +441 295 5566
    After Hours 24/7 Claims Helpline: +441 298 0247

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, of 6 Front Street, Hamilton Bermuda, which is acting solely as an insurance agent of BF&M Limited and its subsidiary companies ("BF&M") pursuant to its insurance agent licence issued by the Bermuda Monetary Authority (and not as an insurance agent for the customer) with respect to this/ese insurance product(s). The Bank is not responsible in any way for the underwriting, administration or claims handling of insurance products, and does not accept any responsibility for such matters. HSBC Insurance is the brand name for insurance products offered by HSBC Group members HSBC Bank Bermuda Limited is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority.

All questions, concerns and claims must be submitted directly to BF&M.

Issued by HSBC Bank Bermuda Limited, of 37 Front Street, Hamilton Bermuda, which is licensed to conduct Banking Business by the Bermuda Monetary Authority. The Site is primarily intended for those who access it from within Bermuda. Because of this, we cannot guarantee that the Site or the information thereon complies with law or regulation of other countries, or is appropriate for use, in other places. You are wholly responsible for use of the Site by any person using your computer and you must ensure that any such person complies with these Terms. The information provided on this Site is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or regulation. This Site should not be considered as communicating any invitation or inducement to engage in banking of investment activity or any offer to buy or sell any securities or other instruments outside Bermuda.