What’s Happening with HSBC Life, and What It Means for You
If you have a life insurance or protection policy with HSBC Life (UK), you may have seen news about the company being bought by Chesnara. This can sound worrying, but the key message is reassuring.
Your Policy Is Not Changing
If you already have a policy with HSBC Life:
• Your cover continues as normal
• Your policy terms stay the same
• You can still make a claim if you need to
• Customer service will continue as usual
You do not need to take any action right now.
What Has Changed?
Chesnara has decided that HSBC Life will stop selling new life and protection policies. This is only for new customers.
It does not affect people who already have a policy.
HSBC Life itself is not completely closing, and existing policies are not being cancelled.
Who Is Chesnara?
Chesnara is a company that specialises in looking after life insurance policies over the long term. Managing existing policies is their main focus, and they have experience doing this for many customers in the UK.
Are Any Products Still Available?
Yes. BUT .... only HSBC Life investment bonds (onshore and offshore) will still be available to new customers.
Do You Need to Do Anything?
For most people, no.
However, it may be a good time to:
• Check your policy details
• Review your beneficiaries
• Speak to an adviser if your needs have changed
The Bottom Line
Although HSBC Life will no longer sell new protection policies, existing customers can feel confident:
✔ Your policy stays in place
✔ Your cover continues
✔ Your benefits remain the same
If you have questions about your policy, contact HSBC Life, or call us and as an independent adviser we can review your policies and can help to ensure they remain viable and valid.
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