Life insurance
HSBC Income Cover
HSBC Income Cover is underwritten by HSBC Life (UK) Ltd and pays a monthly tax-free benefit to help replace your loss of earnings if you're unable to work due to an accident or injury.
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Monthly benefit paid directly to your bank account.
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Choose between benefits that pay while you are unable to work for up to 2 years, or continue to your chosen retirement age.
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Dedicated claims assessor is on hand to offer support.
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Premiums for any HSBC Life and Protection products you hold are waived while you receive Income Cover benefits.
Existing policyholder?
If you have a question about a HSBC Life policy, you can view our support pages or you can call us on 0345 745 6125.*
*Lines are open 08:00 - 17:00, Monday to Friday (excluding bank holidays).
Calls may be monitored and/or recorded
What is Income Cover?
At HSBC, we offer you the financial support you need if you're unable to work due to an accident or injury. Our Income Cover pays a monthly tax-free benefit to help replace your loss of earnings.
In addition to a monthly benefit, the policy can provide specialist rehabilitation services, tailored to you, which can help you get back on your feet and back in to work.
Our rehabilitation providers specialise in helping customers affected by our most common causes of claim; psychological issues such as stress, anxiety and depression, musculoskeletal problems, such as back pain and cancer. This means you can get practical help and the treatment you need without delay.
Income Cover can be taken over a set term or until you are 68.
If you're not sure which products are right for you, you can use our financial planning tools to help you decide. Alternatively you can contact your local branch and a member of our team will be happy to discuss the options available with you.
Income Cover |
Income Cover 2 year |
|
---|---|---|
Benefits of cover |
A monthly income payable to the end of a set term, or to a maximum age of 68 (whichever is earlier) | A monthly income payable for up to 2 years |
Basis of Cover | Monthly benefit | Monthly benefit |
Min/Max benefit level | Minimum - £50 per month Maximum - £4,167 per month (max income replacement ratio is 50 per cent gross taxable income) |
Minimum - £50 per month Maximum - £4,167 per month (max income replacement ratio is 50 per cent gross taxable income) |
Max age at entry |
Minimum age - 17 years Maximum age - 59 years |
Minimum age - 17 years Maximum age - 59 years |
Max age at expiry | 68 years | 68 years |
Min/Max term | Minimum term - 5 years Maximum term - 50 years |
Minimum term - 5 years Maximum term - 50 years |
Minimum premium | £1 per month | £1 per month |
First payment made | A choice of deferred periods available between 4 and 52 weeks. |
A choice of deferred periods available between 4 and 52 weeks. |
Waiver of premium | During the claim period, the premiums on all the benefits under Life Insurance for the same life insured will be waived. | During the claim period, the premiums on all the benefits under Life Insurance for the same life insured will be waived. |
Benefits of cover |
|
Income Cover |
A monthly income payable to the end of a set term, or to a maximum age of 68 (whichever is earlier) |
Income Cover 2 year |
A monthly income payable for up to 2 years |
Basis of Cover | |
Income Cover |
Monthly benefit |
Income Cover 2 year |
Monthly benefit |
Min/Max benefit level | |
Income Cover |
Minimum - £50 per month Maximum - £4,167 per month (max income replacement ratio is 50 per cent gross taxable income) |
Income Cover 2 year |
Minimum - £50 per month Maximum - £4,167 per month (max income replacement ratio is 50 per cent gross taxable income) |
Max age at entry |
|
Income Cover |
Minimum age - 17 years Maximum age - 59 years |
Income Cover 2 year |
Minimum age - 17 years Maximum age - 59 years |
Max age at expiry | |
Income Cover |
68 years |
Income Cover 2 year |
68 years |
Min/Max term | |
Income Cover |
Minimum term - 5 years Maximum term - 50 years |
Income Cover 2 year |
Minimum term - 5 years Maximum term - 50 years |
Minimum premium | |
Income Cover |
£1 per month |
Income Cover 2 year |
£1 per month |
First payment made | |
Income Cover |
A choice of deferred periods available between 4 and 52 weeks. |
Income Cover 2 year |
A choice of deferred periods available between 4 and 52 weeks. |
Waiver of premium | |
Income Cover |
During the claim period, the premiums on all the benefits under Life Insurance for the same life insured will be waived. |
Income Cover 2 year |
During the claim period, the premiums on all the benefits under Life Insurance for the same life insured will be waived. |
What's not covered?
As with all insurance policies, terms and conditions, exclusions and limitations will apply.
- We will not cover you for any pre existing conditions in the first 12 months of the policy.
- Please see the policy summary and policy document (PDF) for full details of all Significant and Unusual Limitations and Exclusions.
How to apply
As services in our branches are currently limited because of the coronavirus outbreak, we are unable to offer HSBC Critical Illness Cover at the moment.
However, we do offer a range of income protection products through our protection advice service. If you’re interested in using this service, please email us at wealthadvicecentre@hsbc.co.uk and an adviser will be in touch to arrange an introductory call.
Things to know
- Policy benefits are currently paid tax-free.
- Life Insurance policies have no cash-in value.
If you would like more information on HSBC Income Cover, please take the time to read the following. You may also want to save some of these documents for future reference.
Frequently asked questions
You might also be interested in

Life Cover
Provides a lump sum payable on death or diagnosis of a terminal illness, as well as accidental death benefit.

Critical Illness
Provides a lump sum if you are diagnosed with a specified critical illness or medical condition.

Existing customer
If you need to make a claim, contact our helpline for assistance as soon as you can.