Evaluate your finances to create a Life Insurance Strategy | HSBC

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Evaluate your finances

Insurance serves you best when the benefit amount is sufficient to protect your assets. Understanding your finances is an essential step in the process of creating a comprehensive insurance strategy.

Wealth protection begins with understanding where your money is going. Monthly bills, credit card payments and other expenses are a fact of life. But careful planning today can help ensure that your assets will – and your debts will not – be passed onto your loved ones. Our Life Insurance Calculator can provide an estimate.

Add up your debts

Here are the most common categories of debt. Combine these and any other debts you may have to determine your total.

  • Mortgages, home equity lines of credit
  • Vehicle loans
  • Student loans
  • Credit cards and personal loans
  • Business debts, legal settlements and tax liens

Enter this total into the appropriate box of the Life Insurance Calculator

Calculate your expenses

Take the time to review your entire household budget, including the common recurring expenses listed below.

Weekly
  • Groceries
  • Health and drugstore purchases
  • Pet food
  • Dry cleaning
  • Transportation (gas, transit fares, tolls, etc.)
Monthly
  • Household utilities (cable, phone, electric, heating, etc.)
  • Child care
  • Prescriptions, medical expenses and nursing home payments
Other recurring expenses
  • Property taxes
  • Tuition not covered by student loans
  • Homeowners association fees and grounds-keeping costs

Enter this total into the appropriate box of the Life Insurance Calculator

Other considerations

Not everything in life happens on a schedule. There are singular moments and unforeseen expenses that require careful planning in order to be prepared. Add up the common costs listed below, as well as any others that may pertain to you and your family.

  • Funeral costs
  • Medical bills
  • Estate fees and inheritance taxes
  • Weddings or religious ceremonies
  • College tuition
  • Home maintenance
  • Retirement costs

Enter this total into the appropriate box of the Life Insurance Calculator

Life insurance strategies

Which type of insurance you choose depends on your needs. However, permanent life insurance is designed to last for the rest of your life. Many permanent life insurance options include a guaranteed minimum death benefit and feature cash value growth over time. Funding your legacy goals with permanent life insurance can have specific advantages.

For other insurance options, please visit our life insurance comparison page, or call 800.662.3343.

When to plan

The sooner you start to plan for the transfer of your assets, the more flexible your options may be. A financial professional1 from HSBC Insurance Agency can help you understand how life insurance strategies can help fulfill your lifetime and legacy goals.

HSBC Insurance Agency offers a variety of life insurance solutions, and we make the process of choosing the right one easy to understand. We also offer simple issue insurance, which usually does not require a medical examination. This will generally allow you to become insured within a short period of time.

Investment and certain insurance products, including annuities, are offered by HSBC Securities (USA) Inc. (HSI), member NYSE/FINRA/SIPC. In California, HSI conducts insurance business as HSBC Securities Insurance Services. License #: OE67746. HSI is an affiliate of HSBC Bank USA, N.A. Third party whole life, universal life and term life insurance products are offered through Insurance Agents of HSBC Insurance Agency (USA) Inc., which is a wholly-owned subsidiary of HSBC Bank USA, N.A. Products and services may vary by state and are not available in all states. California license #: OD36843.


Investment, Annuity and Insurance Products:
ARE NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES MAY LOSE VALUE

All decisions regarding the tax implications of your investment(s) should be made in connection with your independent tax advisor.

1 HSBC Securities financial professional refers to Financial Advisors and Licensed Sales Professionals. Financial Advisors provide a full suite of investment products that are available with HSBC based on individualized customer financial needs and objectives. Licensed Sales Professionals have access to more simplified product sets created to meet customers' key life-cycle needs, e.g., education, retirement, wealth transfers.

†† Investments, Annuity and Insurance Products:
ARE NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES MAY LOSE VALUE
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