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.
Benefits
- 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
- 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.
- 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.
- Can I cancel this policy at any time?
Yes, this policy can be canceled at any time. Customers will have a 30 day Free look period, with full reimbursement, if cancelled within 30 days of purchase.
- 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.
- How is the insurance premium paid?
The premium is paid monthly from the customer's HSBC account.
- 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.
- 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.
- 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).
HSBC Bank Bermuda Limited (the "Bank") 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.
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