HSBC Life Insurance

When it comes to buying life insurance it is important to read these types of reviews. The good reviews will give you an idea of the company’s history, rating, products, and even some community involvement. If you are searching the web for some concrete information or a review of HSBC Term Life Insurance then look no further because this is the place you will find this kind of information. Finding the best life insurance company to receive coverage from is easy if you compare quotes from different companies. We have a quoter on the bottom of the page that will quickly assess quotes depending on the information you put in the quoter. Comparing quotes is the best way to make sure you are getting the best possible rate. The following are some key points that are from the article;

Just like every other big box life insurance company, HSBC takes great pride in their community involvement. Over 150 years, HSBC has donated more than $150 million to charities and community projects around the world to thank customers.
More than 50,000 employees of HSBC took part in all of these projects and they have taken part in so many other charitable events.
HSBC has been around for more than 150 years and has a good hold on the world’s history.
They have been a huge part in so many countries and also take part in charitable acts all around the world.
According to Fitch Rating, HSBC of the USA are rated “AA-“, Moody’s rated them an “Aa3” and Standard & Poor’s rated them an “AA-“.
HSBC serves more than 37 million customers through their four global businesses and covers 70 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.
They offer life insurance but only term life and of course their other banking opportunities.
It is important to look at a company’s rating because it will give you an idea of how financially stable the company is.
Term life insurance is a form of temporary life insurance that provides coverage for only a short and specified length of time. This type of insurance provides a death benefit but does not provide the opportunity to build cash value.
HSBC is a very well-known bank and is all over the world but they don’t offer whole, variable, or universal life insurance products. Which means you cannot receive permanent life insurance policies through HSBC and that also means that you cannot convert into a permanent life insurance policy if you decide to switch over.
HSBC offers term life insurance products for term lengths of 5-40-years with coverage up to $500,000, but HSBC is not the only life insurance company out there so don’t feel trapped to pick this company.

HSBC Review and Rating 2017

HSBC has been around for more than 150 years and has a good hold on the world’s history. They have been a huge part in so many countries and also take part in charitable acts all around the world. According to Fitch Rating, HSBC of the USA are rated “AA-“, Moody’s rated them an “Aa3” and Standard & Poor’s rated them an “AA-“. HSBC serves more than 37 million customers through their four global businesses and covers 70 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. They offer life insurance but only term life and of course their other banking opportunities. HSBC’s ratings are high but that should not be the only reason to obtain coverage from them. We always recommend for our clients to compare quotes using our quoter below, this way you can shop around with all the carriers we provide.

Why should I care about a company’s rating?

It is important to look at a company’s rating because it will give you an idea of how financially stable the company is. The ratings don’t come from thin air, they are produced by rating agencies after being contacted by the company who wants to obtain a rating. The company has to sign a contract in order to allow these rating agencies to check their financial reports, and investigate their profits and other important documents. If a company has a good rating it means that they are financially stable and can offer a payout when it’s time to pay their clients their death benefit. If a company has a bad rating it shows that they are vulnerable and is not financially stable. Chances are that a company with a bad rating will not be paying out your benefits because they may not even be around for another 10-15 years. The last thing you want to do is put your hard earned money into a company that doesn’t give you what you’re paying for in the first place or worse they disappear in 10-15 years without notice leaving you to have to find a new company to obtain life insurance from. Moral of the story is that you should take a couple minutes and read a company’s rating because it will save you a lot of money in the long run which everyone wants.

Products

As far as life insurance HSBC only offers one type of insurance and that is term life but before we go into their products we want to take a moment and explain what term life insurance is. Term life insurance is a form of temporary life insurance that provides coverage for only a short and specified length of time. This type of insurance provides a death benefit but does not provide the opportunity to build cash value.

HSBC Pure Term Life

This life insurance product is one of the most affordable life insurance products available with HSBC.
Available term lengths are 10, 15, 20, or 20-years.
This policy offers a death benefit and is payable to the beneficiaries listed on your application.
There are no survival benefits payable under this plan.
You may be entitled to tax benefits or tax breaks.
There is also flexibility when it comes to your premium payments, you can choose to pay annually, semi-annually, or monthly.
You have the option to cancel this policy (free look policy) within 15 days from the inception of the policy.
You can change your sum assured with a written request before the end of your free look policy.
There are no loan possibilities with this plan.
You have a grace period of 30 days from the due date to pay your premiums for all premium payment frequencies before your plan lapse.
If you commit suicide for any reason within one year from the Risk Commencement Date your death benefits will not be payable under this policy.

eSmart Term Life

This term life insurance policy is offered online and is quick and easy.
It is also a low-cost life insurance policy that offers an easy claims process.
The easy claims process can assist your family in claim settlement in the event of a claim.
You may be able to get tax benefits on premium payments.
This policy is available in term lengths of 5, 10, 15, 20, 25, 30, 35, or 40-years or if you are 75 years or younger at the end of the term.
You are eligible for this policy if you are between 18 and 70 years old.
You are able to choose from two options with this policy when it comes to death benefits.
You can choose option A which allows your death benefit to paid out to your beneficiaries.
Option B allows you to provide the benefit plus an accidental death benefit which allows your death benefit to be paid out if you get into an accident.

Pros and Cons of Term Life

Pros

In comparison to other life insurance policies, a term life insurance policy is the most affordable.
It is the most simple form of life insurance because it doesn’t offer things that can confuse the consumer such as cash value accumulation. Term life is as simple as you paying a premium for a set amount of years, and if something happens to you within that time frame, your family will receive a set amount of money.
Most GOOD term life policies offer an opportunity to convert to a permanent policy in case you decide you want to receive coverage for your entire life. (HSBC doesn’t offer term life policies that can convert)

Cons

The fact that a term life insurance policy comes with an expiration date can cause one of two things; either you will no longer have coverage or your premium amount will shoot up with renewing your term policy annually. You can avoid dealing with this by obtaining permanent policies for more permanent life insurance needs like covering final expenses.
Term life insurance policies don’t allow the accumulation of cash value which can be a negative aspect for most people. Permanent life insurance policies such as Universal life products offer cash value build up in which can be accessed most of the time in case of emergencies.

The Bad

HSBC is a very well-known bank and is all over the world but they don’t offer whole, variable, or universal life insurance products. Which means you cannot receive permanent life insurance policies through HSBC and that also means that you cannot convert into a permanent life insurance policy if you decide to switch over. You will have to cancel your term life insurance policy and apply with another company to obtain a permanent life insurance policy.

The Good

HSBC offers term life insurance products for term lengths of 5-40-years with coverage up to $500,000, but HSBC is not the only life insurance company out there so don’t feel trapped to pick this company. The good news is that we are here, as an independent life insurance agency we have access to compare 60 different “A” rated companies to find you the best life insurance company possible. We always recommend for our clients to compare quotes using our quoter below to be able to take a peek at what these companies have to offer. Give us a call 888-492-1967 and let us do all the work for you while you spend time with the ones who matter the most, your family. Comment below if you have any questions or concerns and we will be quick to respond!