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Insurance

Frequently asked questions (FAQs)

Insurance

Why bother with insurance?

Insurance goes hand in hand with risk. Everything you do in life involves some sort of risk. Every day you take risks crossing the road, walking past construction sites and breathing polluted air.

The possibilities for risk are endless, so it's wise to have some kind of medical or life insurance. If you have a family, it is in your interest to protect them.

There are insurance policies that cover just about every risk you can think of, both physical and financial. Considering the benefits available, with proper planning and arrangement the costs you pay can be very reasonable.

The best way to start is to plan what you require by taking into account all the risks involved in your life.

TravelSurance

Can non-HKID holders apply for TravelSurance?

Yes, non-HKID holders can apply for TravelSurance as long as the trip starts from, and returns to, the Hong Kong SAR. Please call (852) 2867 8678 or visit any HSBC branch in Hong Kong for application.

Motor Insurance

Which documents make up my Insurance Policy?

Your Application Policy Schedule and Policy Wording together make up your insurance policy. Please read the related documents together to make sure you know what covered is provided and any terms and conditions that may apply. Also, the Certificate of Insurance in the pack should always be kept with you in your car as proof of insurance.

HomeSurance

I already have a Fire insurance policy. Why do I need HomeSurance?

These two policies are different. HomeSurance protects household contents inside the house, such as furniture, electrical appliances, improved fixtures and fittings, etc, and personal belongings that you take when you're out of home.

Fire insurance covers the building structure such as walls, windows, ceiling, floor, pipes and the property's original fixtures and fittings. Fire insurance claims can be made for damage caused by fire and other named perils such as typhoon and landslide, explosion, etc.

Therefore, the covers are complementary. For comprehensive protection you should consider buying both insurance policies.

AccidentSurance

How do you classify an incident as an Accident?

An accident is an unexpected, unforeseeable and external event, such as a fall or a car crash, which causes physical injury like a broken limb or torn muscle. A disease or an illness is not classified as an accident.

Fire Insurance

What will be covered by Fire Insurance? What if the damages incurred from some other natural hazards like typhoon, flood etc., will it be covered?

Fire Insurance covers your home structure, or fixing and fittings, against hazard and provides you with the financial resources to replace what you have lost. 

There are two plans for selection, one is Standard Cover and the other is Comprehensive Cover.

Here outlines the features of Standard Cover:

- Fire and lightning

- Explosion

- Typhoon, windstorm and flood

- Landslide and subsidence

- Earthquake

Here outlines the features of Comprehensive Cover:

- Fire and lightning

- Explosion

- Typhoon, windstorm and flood

- Landslide and subsidence

- Earthquake

- Damage caused by aircraft

- Vehicle impact (caused by a third party's vehicle)

- Riot and strike

- Malicious damage

- Burst or overflow of water tanks, apparatus & pipes

The above information is intended as a general summary. Please refer to the policy wording for exact terms and conditions and details of the exclusions.

Helper Insurance

What will be covered by Helper Insurance?

Helper Insurance provides domestic helper coverage with extra benefits in excess of your legal obligations as a responsible employer.

There are two plans for selection, one is Basic Plan and the other is Comprehensive Plan. The Annual premium for Basic Plan is HKD 585.00 and Comprehensive Plan is HKD 860.00.

Here outlines the features of Basic Plan:

- Employee's compensation

- Hospital expenses

- Repatriation expenses

- Personal effects

 

Here outlines the features of Comprehensive Plan:

- Employee's compensation

- Hospital expenses

- Clinical expenses

- Dental expenses

- Repatriation expenses

- Personal accident(at home)

- Replacement of helper

- Infidelity (loss due to fraud and dishonesty)

- Personal liability

- Temporary helper allowance

- Unauthorised use of IDD

- Personal effects

- Lock replacement (due to infidelity or repatriation of helper)

The above information is intended as a general summary. Please refer to the policy wording for exact terms and conditions and details of the exclusions.

HospitalSurance

Why are pre-existing conditions not covered? Why are some sicknesses excluded during the first year and some excluded during the first six months?

Pre-existing conditions are commonly excluded in medical and hospitalisation policies because it is not the insurer's intention to cover the cost of an existing condition. Therefore, it is usual to exclude injuries or sicknesses which occur, exist, commence or present signs or symptoms before the commencement of the policy coverage. The definition of pre-existing condition is defined in the policy document. Please refer to the policy for details.

The sickness listed as exclusions are mostly common chronic illnesses which normally require a development period ranging from six months to one year. Some diseases require a longer range of development cycle to develop symptoms than others. In general, those illnesses excluded during the first year are believed to have a longer development period (e.g. Tumours of internal organs).

FirstCare Medical Insurance

Will I be guaranteed to renew my plan even if I have made a claim? Is the premium guaranteed unchanged?

Plans are guaranteed lifetime renewable, except where there has been, overdue payments or shortfall arising from a claim or fraudulent claims. However, the premium rates and age range of each group are not guaranteed. The premium payable upon renewal and the terms of the renewed policy may not be the same as the existing policy and will be determined by AXA. 

Cancer Care Insurance Plan

Is medical check-up required?

Application for Cancer Care is easy with no medical check-up is required.

HSBC Term Protector

What is the protection period of the Policy?

This Policy provides life coverage up to the Age of 80.

WholeLife Protection Plan

How much can I get back if I surrender the policy?

You can get back the guaranteed cash value plus any accumulated dividends and interest (plus the balance of a single payment subject to a surrender charge for single payment policies). Please note that if you cash in or surrender your policy before the maturity date, the amount you get back may be less than the premiums you have paid.

Income Goal Insurance Plan

During the annuity period, is the Monthly Annuity Payment guaranteed? If I withdraw any accumulated dividends and interest under my policy during the policy term, how does this affect my Monthly Non-guaranteed Annuity Payment portion?

The Monthly Annuity Payment consists of Monthly Guaranteed Annuity Payment plus Monthly Non-guaranteed Annuity Payment.

The Monthly Non-guaranteed Annuity Payment is mainly derived from the accumulated dividends and interest and projected dividends and interest. Any adjustment affecting the dividends and interest and Special Bonus, which may include but not limited to dividend and interest withdrawals, change of dividend scale or Special Bonus scale or applicable interest rate on the accumulated dividends and interest balance, will trigger re-calculation of the Monthly Non-guaranteed Annuity Payment.

Goal Access Universal Life Plan (Protection)

When can I withdraw from the policy? Are there any requirements, restriction and charges involved?

If you need money to cope with any unexpected or planned life events, for a regular premium policy, you can withdraw from the policy account after the end of the premium payment period. For a single premium policy, you can withdraw from the policy account on or after the first policy anniversary. Withdrawals are subject to (i) a Surrender Charge applicable in the first 10 policy years ranging from 1% to 45% depending on the policy year and premium payment period; (ii) a minimum amount of USD625 per withdrawal; and (iii) a minimum Account Value balance of USD2,500 after withdrawal.

Withdrawals will reduce the Account Value which may reduce the Death Benefit and increase the chance of policy lapses. The policy will lapse when the Account Value is not sufficient to cover the policy charges for 45 consecutive days.

Goal Access Universal Life Plan (Education)

How is Goal Access Universal Life Plan (Education) different from other insurance plans?

Goal Access Universal Life Plan (Education) is specially designed for customers who want to have an insurance plan to meet their needs for protection and education fund of their children with a high degree of flexibility. Not only it offers protection and great flexibility in growing and managing your savings, but also it allows you to adjust your sum insured to meet your changing needs over time.

EarlyIncome Annuity Plan

During the annuity period, is the Monthly Annuity Payment guaranteed?

The Monthly Annuity Payment2 consists of Monthly Guaranteed Annuity Payment (Monthly Guaranteed Base Annuity3 plus Monthly Guaranteed Additional Annuity4) plus Monthly Non-guaranteed Annuity Payment5.

The amount of the Monthly Non-guaranteed Annuity Payment5 may vary as a result of any accumulated dividends and interest withdrawal or any adjustment affecting the accumulated dividends and interest.

2 Monthly Annuity Payment means Monthly Guaranteed Annuity Payment plus Monthly Non-guaranteed Annuity Payment.

3 Monthly Guaranteed Base Annuity means the total annual premiums payable during the premium payment period divided by the number of Monthly Annuity Payments during the annuity period, subject to rounding adjustment.

4 Monthly Guaranteed Additional Annuity equals to the guaranteed percentage (guaranteed rate) of Monthly Guaranteed Base Annuity3, subject to rounding adjustment. The guaranteed rate, which depends on the life insured's issue age, accumulation period and annuity period chosen, is determined by the Company upon the issuance of the policy.

5 The Monthly Non-guaranteed Annuity Payment is determined by the amount of dividends and interest accumulated by the end of the accumulation period and any projected dividend and interest payable during the annuity period. The amount is not guaranteed and may vary if there is any adjustment affecting the accumulated dividends and interest. Such adjustment may include but is not limited to the accumulated dividend and interest withdrawal, change of dividend scale or applicable interest on the accumulated dividends and interest balance.

Mortgage Protection Plan

Will my mortgage insurance cover terminated immediately after I have completed all the mortgage payments or the property was sold out?

Following your successful application, the plan continues to provide coverage unless you notify us to cancel the policy in case your need for protection changes, for example, when the property was sold or all related mortgage payments have been settled.

HSBC Comprehensive Critical Illness Protection Plan

Is HSBC Comprehensive Critical Illness Protection Plan (the "Plan") a saving plan with free insurance cover?

No. HSBC Comprehensive Critical Illness Protection Plan is an insurance plan that gives you protection against 60 critical illnesses. In addition, the Plan provides annual dividends, if any, which you can cash out or accumulate at an interest rate as determined by HSBC Life (International) Limited (the "Company") from time to time.