HSBC Life Insurance Review

HSBC Family Goal Insurance Plan
HSBC Family Goal Insurance Plan

HSBC Life Insurance Review

The largest financial service provider in Hong Kong offering assorted term, whole, and universal insurance products that compare well against competitors.

Good for

  • Online quotable term life plan
  • Middle and high-income earners
  • Comprehensive coverage
  • Diverse term, whole, and universal life insurance plans

Bad for

  • Flexible premium payment options for term life plans
  • Those who do not use USD

Editor's Rating

4.5/5.0

HSBC is one of the world's largest insurers serving over 40 million customers worldwide in banking and other financial services. Established in 1865, HSBC in Hong Kong offers a range of term life, whole life, and universal life insurance that consumers can select.

What Makes HSBC Life Stand Out

HSBC stands out as one of the largest life insurance providers in Hong Kong. Additionally, their rich history and experience in providing financial services give consumers confidence in HSBC's financial stability and claims handling.

Additionally, you can receive a quote and apply for an affordable term life insurance policy online by answering only a few questions. Additionally, HSBC offers regular promotions throughout the year that you can take advantage of when purchasing a policy. If you bank with HSBC, consider using your HSBC Premier Mastercard Credit Card to pay premiums to earn additional RewardCash.

HSBC has a total of 12 different insurance products with a life benefit. Our expert analyzed all of the plans and we've featured the plans that offer excellent value to you. If you are looking for more life insurance plans from other insurance providers, check out our Best Life Insurance in Hong Kong page.

HSBC Term Life Insurance Plan Benefits

HSBC offers 2 term life insurance products, one of which can be quoted and applied online. Both term life insurance products have similar coverage benefits but differ in benefit terms. Each plan is renewable and offers guaranteed convertibility to a whole life insurance plan if your financial needs change in the future.

Easily Quotable Online - SBC Family Protector

HSBC Family Protector's basic life plan is a standard life insurance plan that provides a death benefit in exchange for a premium. However, one of the highlights of this policy is that you can receive a quote and apply online.

In addition to the basic term life benefits, HSBC Family Protector offers 5 additional benefits:

  • Child Protection
  • Critical Illness Benefit
  • Cancer Benefit
  • Hospital Cash Benefit
  • Accidental Death Benefit

The minimum sum insured is a bit higher than other plans offered in the market at HK$1,000,000. However, if you are already looking for a plan with a higher sum insured, this plan offers the flexibility of guaranteed conversion and additional benefits.

Benefits
Benefit termUp to age 80
Maximum sum insuredHK$7,000,000
Issue age19-60 years-old

Benefits
Benefit termUp to age 80
Maximum sum insuredHK$7,000,000
Issue age19-60 years-old

HSBC Life Whole Life Insurance Plan Benefits

HSBC offers a wide range of different whole life insurance options. These whole life plans provide flexible premium payment terms and late issue age requirements. HSBC stands out by offering unique whole life insurance options to a broad range of consumers. HSBC's plans include a guaranteed cash value, terminal dividend, and an annual dividend that grows over the years. Coupled with optional supplemental benefits—medical benefit, critical illness benefit, and retirement benefits—HSBC whole life insurance plans offer competitive coverage terms.

Most Flexible - Family Goal Insurance Plan

Family Goal Insurance is a comprehensive whole life insurance plan offered by HSBC. The value is in the added benefits for medical and critical illness lump-sum payments to supplement your existing medical insurance plans. Additionally, the plan comes with an added unemployment benefit if the insured is unemployed for 30 consecutive days and is below the age of 65.

  • Death benefit
  • Medical and critical illness benefit
  • Savings element for retirement

The policy currency is in US dollars with a low minimum sum insured is USD25,000. The Family Goal Insurance plan offers flexible premium payment periods of 5, 10, 15, and 25 years. Like many other whole life insurance policies, HSBC offers a guaranteed cash value, death benefit, and a maturity benefit with annual dividends.

Benefits
Premium payment term5, 10, 15, 20 years
Minimum sum insuredUSD25,000
Policy currencyUSD
Issue age19 to 55 years old

Benefits
Premium payment term5, 10, 15, 20 years
Minimum sum insuredUSD25,000
Policy currencyUSD
Issue age19 to 55 years old

Long-term Wealth Savings - HSBC Wealth Goal Insurance Plan II

The HSBC Wealth Goal Insurance Plan II is a whole life insurance plan designed for consumers looking for life protection for their family and a long-term savings element.

The projected cash value can reach 400% of the total premiums paid for long-term capital growth. Additionally, HSBC offers a policy value management option that lets you lock-in a portion of your policy value as you get older. You can use this locked-in amount into a separate balance that accumulates at an interest rate determined by HSBC.

HSBC Wealth Goal Insurance Plan II comes with other life benefits that include a guaranteed cash value and annual dividends. Like any long-term financial commitment, ValueChampion advises that you consult your financial advisor before purchasing.

Benefits
Premium payment term1, 3, 5, 10, 15, 20 years
Minimum sum insuredUSD25,000
Policy currencyUSD only
Issue age15 days to 70 years old

Benefits
Premium payment term1, 3, 5, 10, 15, 20 years
Minimum sum insuredUSD25,000
Policy currencyUSD only
Issue age15 days to 70 years old

HSBC Universal Life Insurance Plan Benefits

HSBC is one of the few life insurance providers that also offer universal life insurance plans. Both whole and universal life insurance are permanent life insurance plans. However, universal policies provide more flexible premiums and death benefits. The universal plans tend to allow premium payment adjustments by accessing some of the policy's cash value. You do not receive a guaranteed cash value accumulation that you can enjoy with a whole life insurance plan in exchange.

HSBC offers 2 universal life insurance plans that are similar but tailor the ability to change the policy either at will for a surrender charge or major events like education for your children.

Goal Access Universal Life Plan (Protection)

The Goal Access Universal Life Plan provides you permanent life protection while providing flexible access to your policy's cash value. If you have special or unexpected events, the Goal Access Universal Life Plan provides options to change the sum insured, premium payment, and withdraw certain funds without losing your life coverage or having to surrender the policy.

You could additionally choose to boost your account value with unscheduled premium payments. HSBC guarantees at least 2% p.a. on your account for the first 10 years. With the HSBC Goal Access Universal Life Plan, you enjoy additional disability, payors, and terminal illness benefits at no extra cost. If you are looking to add coverage for major illnesses, you can provide an advanced payment that will cover 60 major illnesses with for additional premium.

Benefits
Premium payment termSingle premium or 5 years
Guaranteed Minimum Crediting Interest Rate2% p.a. for the first 10 years and 0% thereafter
Policy currencyUSD only
Issue age15 days to 65 years old

Benefits
Premium payment termSingle premium or 5 years
Guaranteed Minimum Crediting Interest Rate2% p.a. for the first 10 years and 0% thereafter
Policy currencyUSD only
Issue age15 days to 65 years old

How to Apply for HSBC Life insurance

HSBC Family Goal Insurance Plan
HSBC Family Goal Insurance Plan

Offering term life, whole life, and universal life plans

Applicants in Hong Kong can call to inquire about policy details at (852) 2233 3130. If the plan is not directly quotable, you can contact an Insurance Specialist by booking an online video meeting.

To make a claim, please visit their claims and assistance services page. There you will find forms and detailed information on how to submit a claim under your life insurance policy.

All Hong Kong policyholders are subject to a premium levy by the Insurance Authority. The insurer will collect the levy on behalf of the Insurance Authority for the insurance policies issued in Hong Kong.

Stephen Lee

Stephen Lee is a Senior Research Analyst at ValueChampion Hong Kong, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.