Why Term Life?

Your life isn't the same today as it was 10 years ago, and chances are, it will be different 10 years in the future. Term Life from HSBC Insurance offers you a way to keep your coverage in sync with your life.

Life insurance falls into three basic categories: term, permanent, and universal.

Term Life Insurance insures your life for a set amount of time (10, 20, or 30 years). If you die before the end of the term, your beneficiaries receive a lump sum equal to the face amount of the policy you purchased. Term life insurance offers the greatest amount of protection for the lowest cost because, unlike other types of insurance, term policies have no investment component or increasing cash value ― just the essential promise of a payout if you die while the policy is in force. Term policies give you utmost budget flexibility should your needs change over time.

Whole Life Insurance is permanent insurance, covering you for your entire life, no matter how long you live. When you die, your beneficiaries receive a lump sum equal to the amount of the policy you purchased. A whole life policy also earns interest and builds tax-deferred cash values. Typically more expensive than other types of policies, whole life guarantees your family will receive a payout when you die, while building up savings you can use on a permanent or short-term basis.

Universal Life Insurance is a flexible-premium, adjustable benefit, permanent life insurance policy that accumulates account value. It can be complicated and expensive to purchase. The flexibility of this policy allows you to change the amount of premium payments as your needs for insurance change.

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