HSBC Life UK Expands Valued Added Benefits

9th September 2024

HSBC LIFE (UK) EXPANDS VALUED ADDED BENEFITS

HSBC Life (UK) Limited is expanding its Value-Added Benefits (VABs) to include policyholders’ partners* as part of its ongoing commitment to providing wellbeing and peace of mind for customers. The VABs include mental health services, unlimited 24/7 digital GP, second medical opinions, remote physiotherapy, and an annual health check. They are available to HSBC Life UK’s existing and new protection customers who purchased their cover via intermediary distribution partners including price comparison websites.

Policyholders’ dependants will also have access to digital GP appointments and second medical opinions. In addition, dependants aged 16-23 will be eligible for mental health services.

According to research from our provider, Square Heath**, 36% of digital GP appointments are scheduled outside typical working hours. Additionally, 90% of appointments are successfully booked within three working hours. It’s worth noting that children’s health concerns contribute to being the third most common reason for scheduling appointments. This data underscores the efficiency and accessibility offered by our healthcare services.

Richard Waters, Head of Protection Distribution at HSBC Life (UK) Ltd, said: “We understand the importance of staying at the forefront as a leading protection provider. That’s why we are constantly evolving our protection proposition. We believe it is really important that our customers are able to maintain their wellbeing by knowing how to access and use these Value Added Benefits. As such, we distribute a reminder on the six month anniversary of customers’ policies, and we include details of the benefits in their annual statements. We want our customers to use these services for prevention rather than cure.”

Table shows summary of HSBC Life UK’s Value-Added Benefits:

Table shows yearly allowances:

Allowances are shared between all family members who have access.

*Health Check allowance is 1 per year and that can be used by either the customer or their partner.

ends

Notes to Editors:

*Partners – spouses, civil partners, or co-habiting partners

*Please note that these benefits are not provided to customers who purchase HSBC Life policies through HSBC’s digital or mortgage adviser channels.

** Square Health research for HSBC Life UK

*** The selection of health services, offered by Square Health, is a non-contractual benefit. The services are not part of the insurance cover the policy provides.

Media enquiries to:

HSBC Life

Ellis Ford: ellis.ford@hsbc.com     

Citigate Dewe Rogerson

Seb Zickus: +44 (0)20 7025 6494 seb.zickus@citigatedewerogerson.com

About HSBC Life (UK) Limited

HSBC Life (UK) Limited is part of the HSBC Group, one of the world’s largest banking and financial services organisations. HSBC Group serve more than 40 million customers worldwide through a network that covers 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. We aim to be present where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

HSBC Life (UK) Limited was founded in the UK in 1988 and offers insurance services to meet protection and investment management needs. Our services and solutions are available through HSBC banking channels and selected third parties, including financial advisers and aggregators. For more information on HSBC Life (UK) Limited range of services go to  https://www.life.hsbc.co.uk/ and for more information on HSBC please go to https://www.hsbc.com         

About HSBC Life

HSBC Life is the brand of the insurance business of the HSBC Group. We manufacture life insurance products in Hong Kong, Macau, mainland China, Singapore, India*, France, UK, Malta, Bermuda, Mexico, and Argentina and distribute life and general insurance products in 27 markets. HSBC Life offers a range of products and services to meet the wealth, health, protection, education, retirement, and legacy planning needs of our customers. These are available through HSBC banking channels, our out-of-branch distribution force including HSBC Pinnacle’s personal wealth planners in mainland China and agency in Singapore and selected third parties, including financial advisers and aggregators.

HSBC has accelerated its investments in HSBC Life in recent years. It is the leading insurer in Hong Kong, holds full ownership of HSBC Life China and expanded in Singapore via the acquisition of AXA.

In 2023, HSBC Life recorded revenues of USD1.3bn and achieved annualised new premiums (ANP) of USD3.8bn. New business contractual service margin (NB CSM) and value of new business (VNB) grew to USD1.7bn and USD1.6bn, respectively.

*Through our joint venture, Canara HSBC Life Insurance

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn at 30 June 2024, HSBC is one of the world’s largest banking and financial services organisations.