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Mortgage Protection Insurance

Mortgage Protection Insurance is an insurance policy that is designed to repay the balance of a mortgage, up to the maximum sum assured, in the event the borrower dies before the mortgage is repaid. Customers can receive the maximum sum assured face amount of $2 million Bermuda dollars. Mortgage Protection Insurance is offered in joint and single policies.


Need more information?

Request a Callback

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

Who is this policy for?

  • New and existing HSBC mortgage customers

Coverage Features

Mortgage Protection Insurance provides coverage that decreases as the balance of the loan decreases. This protection will provide peace of mind to your loved ones, by repaying the outstanding balance of your mortgage, in the event of death.


Premiums for Mortgage Protection Insurance are based on age and gender.


  • Pays off your mortgage upon the death of the insured
  • Ensures that your family is not burdened with a mortgage in the event of your death
  • Provides coverage up to a maximum of $2M BMD
  • 30 day Free look period, with full reimbursement of premium, if cancelled within 30 days of purchase
  • Flexible payment options - premiums can be paid monthly or annually

Frequently Asked Questions

  1. How long does Mortgage Protection Insurance coverage last?

    Mortgage Protection Insurance is effective for the duration of your mortgage. The maximum term for a mortgage is 35 years. If the mortgage is paid off before the maturity date the insurance is terminated.

  2. Is the Mortgage Protection Insurance a condition of getting the mortgage or is it an optional coverage?

    The Mortgage Protection Insurance is not a condition of the mortgage. It is an optional product.

  3. If multiple individuals secure a mortgage will they each have to purchase individual Mortgage Protection Insurance policies?

    Mortgage Protection Insurance can be purchased as a joint policy. The maximum number of individuals on the same policy is two. Only one Mortgage Protection Insurance policy can be used for a single mortgage. The other mortgage holders should look to purchase supplemental life insurance.

  4. If my partner and I purchase a joint policy and something happens to him / her, will I receive a payment or does it go directly to HSBC?

    Payment will only be made to satisfy outstanding mortgage with HSBC.

  5. If a joint policy is purchased will each of us have to pay a premium or is it just one premium for both?

    For joint coverage, the premium is the sum of the 2 individual premiums minus 15%

  6. Payment will only be made to satisfy outstanding mortgage with HSBC.
    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.

  7. If I make additions to my home, will the price of my Mortgage Protection Insurance policy increase?

    Mortgage Protection Insurance is coverage against your mortgage commitment, not the physical structure of your home. However, if the mortgage is refinanced, the Mortgage Protection Insurance is considered terminated and you will have to purchase a new Mortgage Protection policy for the new mortgage amount.

  8. If I have a diagnosed illness can I purchase Mortgage Protection without supplying any medical information?

    There is no pre-existing condition clause, however, you will be required to answer a few health questions in order to qualify. In the event that you answer YES to any of the questions, you are not eligible for the product.

  9. Will the premiums for Mortgage Protection Insurance change as I get older?

    The Premium rate for this Policy is guaranteed for twelve months from the Policy Date (the “Initial Premium Period”). The Premium rate may be changed by BF&M after the Initial Premium Period, except that an increase in Premium rates may not be made more than once in any twelve month period (such 12 month period to start from the last change in premium rate). No change in Premium rates shall take effect until 30 days following notification to the policy holder.

  10. How do I make a claim?

    Claims can be submitted directly to BF&M Life Insurance Company Limited:
    Monday-Friday, 8am to 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 6 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.