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Resource Guide - About Your Policy

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Here are some things to consider:

  • Naming a "contingent," or secondary beneficiary, could be helpful if you should outlive your primary beneficiary.
  • One of the great advantages of life insurance is that it can be paid to your family immediately, without tax burdens. Selecting a specific beneficiary, rather than having the proceeds of your life insurance paid to your estate, may make this process less complicated for your beneficiaries than if the proceeds were to go through probate with the rest of your assets.
  • It might be helpful to be very specific in wording beneficiary designations. For example, saying "wife of the insured" could result in an ex-spouse getting the proceeds, or naming specific children may exclude those born later. If your child dies before you, do you want the proceeds to go to that child's children? Changing the beneficiary designation is easy, and you should review it every few years or as your family situation changes.
  • At the time of application, you only designate one beneficiary. Then, if approved, you may name one or more "contingent" or secondary beneficiaries. In fact, you can name multiple beneficiaries or contingent beneficiaries after the policy issue.

You can update your beneficiary online by accessing your "Myfolder." Click on "Manage My Account," and then click on "Edit" next to "Primary Beneficiary." Next, click the "Change" link before your plan description. You can add a primary beneficiary or update percentages as you wish. Please keep in mind that the percentages must add up to 100%.

Alternatively, you can also contact our Customer Service Department Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317, to request that a beneficiary change form be mailed to you. Once completed, you can mail it back to the address printed on the form for processing.

You can update your contingent beneficiary online by accessing your Myfolder account. Click on "Manage My Account," then click "Edit" next to "Contingent Beneficiary." Next, click the "Change" link before your plan description. You can add a contingent beneficiary or update percentages as you wish. Please keep in mind that the percentages must add up to 100%.

Most policies have a 2-year contestability period, which means during the first two years the policy is in force, if we find your insurance policy was issued under misrepresentation, withholding of information by the insured or the owner, or similar reasons, the insurance company can declare your insurance policy and any associated riders void. However, if fraud is determined, your insurance policy and any associated riders can be made void at any time. Additionally, if your policy is reinstated, the contestability period starts anew from that date of reinstatement.

You can file a claim for Total Disability by calling our Claim Service Center Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317.

Another benefit of HSBC Term Life Insurance is that at the end of the initial term of your coverage, you can continue your coverage. However, the policy premiums will be increased annually and the amounts are reflected in the policy extension.

Yes, you can cancel if you decide it is not the right choice for you and your loved ones. Just give our Customer Service representatives a call and they will assist you.

HSBC Insurance offers many flexible payment options. You can choose to pay premiums annually, semi-annually, quarterly, or monthly. Monthly will be the most expensive, and annually the least. Also, you can choose the method that works for you - credit card or a secure funds transfer directly from your checking or saving account. No checks or money orders are accepted at this time.

Currently HSBC Insurance does not offer a separate policy for children who are under 18, but you may purchase a Child Rider for your dependent child(ren) at the time you purchase your own Term Life policy. For more information about this rider or to learn about options to convert this policy once your child reaches age 18, please call our Customer Service Department Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317.

HSBC Term Life Insurance covers any cause of death, including accidental death. For other types of insurance, including disability due to accident, please speak to one of our licensed HSBC insurance professionals from a local HSBC Bank branch.

We do not have sales brochures. All of the information about our products can be accessed on this site and may be printed at your convenience. Plus, once you are issued a policy, your permanent documents will be mailed to your address within 5 business days of issue.

To change your billing date, please feel free to contact our Customer Service Department Monday-Friday 8:30 am - 8:00 pm ET, at 1-800-323-1317.

We give you direct access to manage your HSBC Term Life Insurance policy through your "Myfolder." You can update your payment information online, by logging into your account. Simply click on "Manage My Account," then "Edit," next select "Current Payment Plan." Here, you can update your payment method (credit/debit card, checking, or savings account) and even frequency (annually, semi-annually, quarterly, or monthly). If you have any questions or are having trouble, please feel free to contact our Customer Service Department Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317.

After logging into your Myfolder, located by clicking on the "Manage My Account" link above, you can view and print out a copy of your policy. Simply click on "Account History," then click on the "Policy/Forms" tab, and finally click on "Your Policy." Here you can print a copy and keep it for your records. If you have any questions, please feel free to contact our Customer Service Department Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317.

For options to increase the face value of your policy, please contact our Customer Service Department Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317.

Yes, please contact our Customer Service Department Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317, and a form will be mailed to you.

Please contact our Customer Service Department Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317, to handle your request.

For questions regarding converting your HSBC Term Life Insurance policy to a whole life policy, please contact our Customer Service Department Monday - Friday 8:30 am-8:00 pm ET, at 1-800-323-1317.

No, HSBC Term Life Insurance or other term life insurance policies do not have a cash value or any amount you can borrow against.

If you miss a premium payment, you have a 31 - day grace period during which you can pay the premium with no interest charged. If you own a HSBC Term Life Insurance policy and fail to pay your premium within the grace period, your policy will be terminated. However, you have 3 years (up to 5 years depending on your state) from date of lapse to reinstate the policy, but certain restrictions apply. Additionally, in order to be reinstated, you will also be charged interest on missed payments based upon the annual percentage rate listed in your policy.

Please contact our Customer Service Department Monday-Friday 8:30 am-8:00 pm ET, at 1-800-323-1317, for details.

When HSBC Term Life Insurance policyholders and beneficiaries have questions or need to file a claim, they can contact our Claims Team Monday-Friday 8:30 am - 8:00 pm ET, at 1-800-323-1317. The HSBC Insurance Claim Team has examiners specifically dedicated to the Term Life product who can review a claim within 48 hours in most cases. However, if the claim is filed during the 2-year contestability period, it could take longer.

A.M. Best Company rating of A " Excellent."

* If you qualify

NOT a deposit, NOT FDIC insured, NOT insured by any U.S. government agency, NOT guaranteed by the Bank. Insurers: Household Life Insurance Company, home office Detroit, MI, form HLI-8-132, or First Central National Life Insurance Company of New York, home office NY, NY, form CNY-8-815; administrative offices: Bridgewater, NJ; trade name: "HSBC Insurance". See policy for exclusions & limitations. Not sold in all states. Rated A "Excellent" (3rd Highest Rating of 16) by A.M. Best Company. For the latest rating, please access www.ambest.com.

 
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