Resource Guide - About Term Life

For whole life and other types of insurance, please speak to one of our licensed HSBC insurance professionals from a local HSBC Bank branch .

The kind of coverage that's right for you depends on your personal circumstances and needs. But generally speaking, term offers the greatest coverage for the lowest initial premium and is a great solution for people with temporary needs or a limited budget. To find out more about HSBC Term Life Insurance, click here.

Generally the amount of protection you need is a combination of what would it cost to help your surviving family members and dependants meet their current needs (like taxes, food, clothing, utilities, mortgage payments, etc.) + plus future obligations (like college and retirement funding) - minus the resources that your surviving family members could draw upon to meet those obligations (spouse's income, savings and investments, other income producing assets, and any life insurance you might already own).

We can help you determine the right coverage amount with our Needs Assessment Calculator. It will walk you through the various questions you need to ask yourself, and provide you with an estimate of how much insurance you may need to help protect your family.

You can lower your premiums and save money in the long run:

• Buy it now. Premiums for the same face amount of coverage increase the older you become. And the more you wait, the more you risk developing a health condition that could increase your premium, or disqualify you from coverage.
• If you want permanent life but you're on a budget, consider some term life for now. You can save money initially by buying some term life in combination with permanent life.

Premium rates for life insurance are typically based on factors such as:

• Age, gender, height, and weight
• Health status, including whether or not you use tobacco or nicotine
• Participation in high-risk activities or occupations

Rates for term insurance are typically lower and HSBC Term Life lets you choose the term and coverage that can fit your budget. Get a quote here, with no obligation.

In addition to being financially secure, the life insurance company you choose should have a good claims payment history and good customer service. Independent sources such as A.M. Best Company rate insurance companies. HSBC's U.S. life insurers have a rating of A (Excellent) by A.M. Best Company, the third highest ranking out of 16.

More information pertaining to HSBC's experience and strength is available on this site here.

Our term life product can be issued to people between the age of 18 and 65. Here are some more details on what term lengths we offer:

Term: 10 years	Issue Age: 18-65
Term: 15 years	Issue Age: 18-60
Term: 20 years	Issue Age: 18-55
Term: 30 years	Issue Age: 18-50

Even if you already have a life insurance policy, it's a good idea to review it periodically to make sure it still meets your overall needs. There are times in life you need to take a look at your financial situation, such as:

• Recently married or divorced
• Had or adopted a child (or became a grandparent)- congratulations!
• Have children or grandchildren who are about to enter college
• Provide care or financial help to a child or elderly parent
• Received an inheritance
• Retired or your spouse has retired
• Started a business
• Change/loss of job/salary

If any of these or similar situations apply to you, it's a good time to consider additional coverage with an HSBC Term Life Insurance Policy, and other products.

A policy rider is an additional benefit under an existing insurance policy that provides additional coverage to an insurance policy. Generally, policy riders are sold separately from insurance policies. HSBC Insurance currently offers optional policy riders that can be purchased at the time of sale of the term life policy:

• Dependent Child Rider: Covers all of your eligible dependent children up to age 23.
  The rider will cover any dependent child who is an unmarried natural, or legally adopted child of yours (or, as applicable, your partner or spouse). The child must be at least 15 days old but not more than 23 years old and eligible to be declared as a dependent on your most recent annual Federal Tax Return. If any covered child dies, a benefit of $10,000 will be paid. Upon death of a child who is between the ages of 15 days and 6 months, half of the covered benefit will be paid.
  
  For guidance on whether a dependent child can be declared on your federal tax return, you can consult an accountant or financial advisor, or refer to Publication 501, "Exemptions, Standard Deduction, and Filing Information," which is located on the IRS website at www.irs.gov.
• Accidental Death Rider: Your loved ones can receive additional benefits in the event of accidental death.
  In the event of accidental death: a death caused directly and solely by a physical injury, this rider doubles your term life benefit. We will not issue the base term life policy to persons engaging in dangerous activities or vocations. This rider terminates at age 70.
• Waiver of Premium Rider: In the event of total disability, you may freeze your premium payments.
  If you become disabled for a minimum of 6 consecutive months, your premium will be waived for as long as you are disabled. Whenever you return to work, your premium payments begin again with no penalty and no drop in coverage. You are eligible if you are between 18-59. This rider terminates at age 65 unless you are already disabled, upon which coverage would terminate at the end of disability, death or termination of the policy for any reason at age 95 (age 80 in NY).