Mortgage Insurance | Mortgage Protection

HSBC HK
Insurance
Life Insurance
Mortgage Protection Plan

Cover your mortgage payments for your family

In the event that you pass away before paying off your mortgage, the Mortgage Protection Plan will give your family a cash lump sum to subsidise the mortgage repayments so your family can continue living in the same family home.

What's best for your insurance needs? Get tailored guidance from our Insurance Specialists today.

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Key benefits

Keep your home protected

Get a cash lump sum to subsidise mortgage repayments if you pass away[@covermortgageofdeath]—this sum will decrease annually per policy terms and an assumed mortgage interest rate of 8% p.a.

Flexible to your needs

Select the amount of insurance cover and the policy term that best fits your mortgage

Easy to budget for

You can choose to pay the fixed premium amount monthly or annually—plus, joint applicants can enjoy a 15% discount

Accommodating to change

If you're under 60[@birthdaydefinition2] and your circumstances change, convert to a different life insurance policy plan[@convertplan]—regardless of your health at the time

Special offers— Enjoy 6-month premium waiver

Enjoy 6-month premium waiver on your first year's premium. Offer ends 30 June 2023. T&Cs apply.
Well+ members can get a chance to earn an extra 500 RewardCash with “Get insured – Basic Challenge”. Offer ends 31 Aug 2023. T&Cs apply.

How to apply

Eligibility

To apply for our Mortgage Protection Plan, you'll need to meet both of these requirements:

be aged[@birthdaydefinition2] between 19 and 60 years, with a mortgage repayment scheduled to end before you reach the age[@birthdaydefinition2] of 65.
meet our criteria for nationality (country/region/territory), address and residency—which are subject to change from time to time

You can enjoy simplified underwriting for your Mortgage Protection Plan if you meet all of these requirements:

be aged[@birthdaydefinition2] between 19 and 55
be in good health—we reserve the right to ask you to complete a medical examination to confirm this
be within 24 months of your HSBC Home Loan application
owe less than HKD10 million on your mortgage
meet our criteria for nationality (country/region/territory), address and residency—which are subject to change from time to time

The Mortgage Protection Plan is a life insurance plan underwritten by HSBC Life (International) Limited ("HSBC Life"). It is not equivalent or similar to a bank deposit. Policyholders are subject to HSBC Life's credit risk and early surrender loss.

Useful documents

Talk with us

Get personalised support from our Insurance Specialists. Book a face-to-face appointment or meet with us over video.

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HSBC Jade or Premier customer?

Contact your Jade Director or Relationship Manager. HSBC Premier customers can also call us on (852) 2233 3322.

Find out more

In the event that you pass away[@covermortgageofdeath] before paying off your mortgage, this plan will give your family or any beneficiaries a cash lump sum, which you may use to repay all or part of the mortgage. It decreases annually in accordance with the policy term. You will also get an assumed mortgage interest rate at 8% p.a.

The sum insured may not match the outstanding mortgage amount, as the decreasing rate of the sum insured may not be equal to the rate of your mortgage.

Please review your policy regularly to check that it still meets your needs, and provides adequate protection coverage for your mortgage.

Policy summary
Policy summary	Key coverage
Issue age[@birthdaydefinition2]	Age 19 to 60 Note: No medical examination[@medicalexam] is generally required if you are aged between 19 and 45, in good health and have a mortgage balance that does not exceed HKD4 million at the time of your application
Mortgage term	5 to 30 years Note: The mortgage term is either the same as the home loan repayment term or until you reach the age[@birthdaydefinition2] of 65, whichever is earlier
Premium payment period	The premium payment period is same as the mortgage term selected at policy issuance
Policy currency	HKD
Payment mode	Pay annually or monthly
Minimum initial sum insured	HKD50,000

Policy summary
Policy summary	Issue age[@birthdaydefinition2]
Key coverage	Age 19 to 60 Note: No medical examination[@medicalexam] is generally required if you are aged between 19 and 45, in good health and have a mortgage balance that does not exceed HKD4 million at the time of your application

Policy summary	Mortgage term
Key coverage	5 to 30 years Note: The mortgage term is either the same as the home loan repayment term or until you reach the age[@birthdaydefinition2] of 65, whichever is earlier

Policy summary	Premium payment period
Key coverage	The premium payment period is same as the mortgage term selected at policy issuance

Policy summary	Policy currency
Key coverage	HKD

Policy summary	Payment mode
Key coverage	Pay annually or monthly

Policy summary	Minimum initial sum insured
Key coverage	HKD50,000

The following benefit is included in your policy at no extra cost:

Pause premium payments if you're unemployed
If you are unemployed for at least 30 consecutive days before the age[@birthdaydefinition2] of 65, our unemployment benefit[@unemploymentbenefit1960] gives you an extended grace period of up to 365 days on your premium payments without affecting the insured person's full protection under the policy.

You can enhance your cover with these additional benefits by paying additional premiums. Please note that they are not applicable for policies with simplified underwriting.

Get cover for major illnesses
If you are diagnosed for one of the 35 designated major illnesses[@majorillness], you'll receive a lump sum payment from the sum insured, in advance.
Have your premiums waived if you become disabled[@disabilitybenefit]
If the insured person becomes disabled for at least 183 days, the future premiums will be waived until the insured person recovers.
Get a lump sum payment if you're permanently disabled[@totalandpermdisability]
If you become disabled for a continuous period of 183 days and this stops you working for the rest of your life, you'll receive a lump sum payment in advance from the sum insured.

Other frequently asked questions

Notes

Mortgage Protection Plan is a long-term pure life insurance plan underwritten by HSBC Life (International) Limited ("HSBC Life") which is authorised and regulated by the Insurance Authority (IA) of the Hong Kong SAR to carry on long-term insurance business in the Hong Kong SAR. It is not a bank deposit or bank savings plan. Please refer to the product brochure for detailed features and the policy provisions for the detailed terms and conditions.

HSBC Life is incorporated in Bermuda with limited liability, and is one of the HSBC Group's insurance underwriting subsidiaries. The Hongkong and Shanghai Banking Corporation Limited ('HSBC') is registered in accordance with the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong) as an agency of HSBC Life for the distribution of life insurance products in the Hong Kong Special Administrative Region. This product is a product of HSBC Life but not HSBC and it is intended only for sale in the Hong Kong SAR. If the policyholder discontinues and / or surrenders the insurance plan in the early policy years, the amount of the benefit he / she will get back may be considerably less than the amount of the premium he / she has paid. Your benefit is subject to the credit risk of HSBC Life. Your premiums paid will form part of HSBC Life's assets. You do not have any rights or ownership over any of those assets. Your recourse is against HSBC Life only.

In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between HSBC and you out of the selling process or processing of the related transaction, HSBC is required to enter into a Financial Dispute Resolution Scheme process with you; however, any dispute over the contractual terms of the above insurance product should be resolved between HSBC Life and you directly.

Mortgage Protection Plan

Cover your mortgage payments for your family

Key benefits

Keep your home protected

Flexible to your needs

Easy to budget for

Accommodating to change

Special offers— Enjoy 6-month premium waiver

How to apply

Eligibility

Useful documents

Talk with us

HSBC Jade or Premier customer?

Find out more

How will I be protected under this plan?

Can you summarise the plan for me?

Are any additional benefits included in this policy?

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Notes

Disclaimer