Skip to contentSkip to Main Navigation

HSBC Life Protection and Financial Wellbeing

HSBC Life Protection and Financial Wellbeing

We believe it’s essential that everyone has access to the right tools, insight, and knowledge, to help them reach their financial goals and build a strong foundation for the future.

Advisers play a critical role in helping their customers make the right financial decisions, particularly during times of financial hardship.

We would like to provide you with access to some useful information and resources to assist your clients with money management and staying protected.

Tips to help retain your protection clients

    • Stay in touch, write, text, email, or phone your clients to check how they are coping right now, their circumstances and plans
    • Explain the additional benefits that may be available to your clients with their insurance policy – such as access to added health benefits. At HSBC Life, Square Health provides (depending on the policy held) up to eight physiotherapy and eight mental health sessions a year as well as annual Health MOTs, remote GP services, second medical opinion support and prescription services
    • Highlight that protection is not a luxury purchase by explaining that it covers basic needs and should be considered a necessity. After all, not many people could absorb the financial shock of the loss of a loved one or the loss of income through a critical illness
    • Take immediate action when you receive an Early Warning Report from HSBC Life for your clients who may have missed a payment or cancelled a direct debit, contact the client to understand what has triggered this event as you are likely to be able to find a solution for their circumstances that still means they maintain cover
    • Remind them of why they took out the cover in the first place. Policies can sometimes also cover children, HSBC Life is proud that we cover children at no extra cost, refer to our policy for full details
    • Emphasise the value of the policy now – cancelling a policy will mean losing vital financial support when clients most need it, the same cover may not be available in the future and may cost more
    • Ask the client to review their other commitments and direct debits – are there items they are paying for that they do not need?

    If clients want to cancel their policies

    • Explore options to retain some level of cover. Highlight the benefits available with their insurance policy such as lower sum assured which customers can take advantage of now or in the future 
    • Flag how renewing cover in the future is potentially going to be more expensive as insurers will have to underwrite them again as premiums generally rise with age
    • Discuss the long-term implications of having no protection insurance – how would customers pay off their mortgage or maintain their lifestyle without cover
    • Look at the possibility of a policy payment holiday for your customer. Set a diary date to call the customer back and check on their circumstances

    Practical advice for your clients

    HSBC UK has a range of resources available to help you and your clients.

    These include:

    • Financial Fitness Hub: Access to articles and tools including a personalised financial health check to assist your clients further with understanding finances:

    • Register for one of our support webinars          

    Our free webinars will give your clients the knowledge and tools to reach their  financial goals and build a strong foundation for the future. Each webinar lasts 30 to 60 minutes and they’re open to you and your clients  – no matter who they bank with (max spaces 1,000).

    See the webinar schedule

    • Other useful links:

    These resources will provide ideas on how to cut back on spending and ways to reduce financial anxiety and stress.

    HSBC Life (UK) Limited Registered Office: 8 Canada Square, London E14 5HQ. Registered in England – Number 88695. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm reference number is 133435. HSBC Life (UK) Limited is a member of the Association of British Insurers. Issued by HSBC Life (UK) Limited: Customer Services Centre, PO Box 1053, AL1 9QG. ©HSBC Bank plc 2022. All Rights Reserved.