HSBC Life urges advisers to make full use of Critical Illness policies for their clients
Breast cancer claims support is increasing as speed of payouts and help for customers expands, says HSBC Life (UK) Ltd, HSBC Group’s insurance business, as it marks this year’s Breast Cancer Awareness Month.
HSBC Life is urging advisers to make full use of Critical Illness polices, so it can deliver the best possible support for claimants.
During the first half of this year, HSBC Life (UK) paid 100% of all breast cancer claims received, across the whole of its protection proposition (building on a 2021 payout rate of 98.6%); and further enhanced its focus on fast turnround of claims.
Examples of best practice have included customers receiving payments of £84,000 within two days of making a claim on a Critical Illness policy and a payment of £130,000 within a day of notifying HSBC Life, which cleared the customer’s mortgage.
HSBC Life is urging advisers to be aware of both the full range of support available and the differences in Critical Illness policies – including added value services and differences to standard cover definitions among providers.
Mark Hussein, CEO, HSBC Life (UK), said: “Encouragingly, the number of breast cancer survivors in the UK now passes 600,000. However, Breast Cancer Awareness Month remains a vital campaign – underlining the advances in treatment of the condition which sadly remains the fourth most common cause of cancer death in the UK.
“Protection insurance providers have substantially enhanced the services offered to breast cancer claimants and that is highlighted by the speed of pay-outs, and the wide range of additional support. Advisers have a crucial role to play in ensuring their customers are fully aware of all the support available.”
About HSBC Life (UK) Critical Illness Cover
HSBC Life offers access to support services including Maggie’s Cancer Support, the British Heart Foundation, and the Stroke Association, covering the top three conditions claimed for on critical illness cover of cancer, heart attack and stroke which make up 80% of all claims.
Over and above the financial benefits, protection policies now offer a range of improved support and value-added services such as second medical opinions, access to mental health support and physiotherapy.*
Its ABI-plus standard definitions enable HSBC Life to consider claims which other insurers may not be able to, and its policies include Less Advanced Breast Cancer additional payments as standard on its Core and Plus products providing a one-off payment on top of the policy sum assured.
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Charlotte Pascal +44(0) 7738 385 687 charlotte.pascal@citigatedewerogerson.com
Notes to editors:
- Breast cancer still kills 11,500 women and 85 men a year in the UK alone. Source: https://breastcancernow.org/about-us/media/facts-statistics#people%20survive%20bc
- Breast Cancer Awareness Month is organised by Breast Cancer Now. Every October, people all over the world show their support for everyone affected by breast cancer.
*HSBC Life Online Health Services is a non-contractual benefit provided by Square Health. This is linked to the type of policy held and provides clients with different health benefits for them and their family.
About HSBC Life (UK) Limited
HSBC Life (UK) Limited is a subsidiary of HSBC Bank plc and was founded in the UK in 1988. HSBC Life (UK) Limited offers a range of insurance services to meet protection and wealth management needs and help clients to manage, protect and grow their wealth. Our services and solution 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 insurance business of the HSBC Group. We manufacture life insurance products in Hong Kong, mainland China, Singapore, India*, France, UK, Malta, Mexico and Argentina. HSBC Life offers a range of insurance products to meet the protection, education, retirement, wealth growth and legacy planning needs of our customers. Our services and products are available through HSBC banking channels, selected third-parties, including financial advisers and aggregators.
*Through our joint venture, Canara HSBC Life Insurance
The HSBC Group
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East, and North Africa. With assets of US$2,969 billion on 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.