Last Updated on by Tree of Wealth
This plan is no longer in the market, instead the new whole life plan from HSBC Life is the Life Treasure II. Click here to read our review of it!
HSBC Life is an insurer that is a part of the HSBC Group and the HSBC Life Protect Advantage II is a whole life plan with limited pay premium term as well as the range of supplementary benefits. It is a participating policy with cash value upon surrendering, with both guaranteed and non-guaranteed yield.
Features At a Glance for HSBC Life’s Protect Advantage II
Premium Term
Ranging from 10, 15, 20 or 25 years
Multiplier
Ranging from 2 to 5 times of the sum insured until 70 years old
TPD (Total Permanent Disability) Coverage
While the coverage for both Death and Terminal Illness is until 99 years old, the protection for Total and Permanent Disability (TPD) is until the age of 70.
Guaranteed Family Waiver
One of a kind in the market, in the event of the death of a family member of spouse or parent, this unique feature waives off all future premiums.
Life Extender Multiplier
The economy can be unpredictable due to market volatility. Life Extender Multiplier ensures that you are well covered until the end of your policy term, by giving you the flexibility to keep your multiplier up to age 99.
You can opt for this every 5th policy anniversary or during specific life stages before age 60. Fund it with additional premiums or request a policy loan.
Get Guaranteed Insurability Option at Key Life Stages
Upon reaching various key life stages, you have the option to purchase a term plan, whole life insurance or endowment plan available.
The key life stages are:
- Change of marital status
- Turning of age 21
- Becomes a parent – newborn or legal adoption
- Sending a child to Pri/ Sec/ Polytechnic/ University
- Full-time Employment After Graduating from Tertiary Education
- Purchases a property
Early Critical Protect Advantage II (Early CI rider)
- Covering Critical Illness from early, intermediate to advance stage
- Total of 119 critical illnesses from early to advance stage
- Accelerated Benign Tumor Benefit – People with pre-existing benign conditions can be accepted without any coverage exclusions or premium loading. HSBC Life will also cover when the condition progresses, covering 20% of the sum assured of the CI rider up to S$50,000
| Pre-existing Condition | Covered Conditions |
| Benign Breast disorder | Early or Intermediate & Advanced Stage of breast cancer |
| Elevated prostate-specific antigen (PSA) level | Early or Intermediate & Advanced Stage of prostate cancer |
| Uterine fibroid | Early or Intermediate & Advanced Stage of uterus cancer |
source: HSBC Life
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- HSBC Life will also cover when the condition progresses, covering 20% of the sum assured of the CI rider
- For Pre-existing conditions, should it lead to early, intermediate or advanced stage (under Covered Conditions table above), 20% of the sum assured will be paid.
- For early and intermediate stages of the conditions, it will be paid up to $50, 000.
- The pre-existing conditions will be underwritten on a case-by-case basis
- Maximum payout of critical illness is $700,000
- Maximum payout per early and intermediate stage CI is $350,000, one of the higher ones in the market
Critical Protect Advantage II (CI rider)
- Covering Critical Illnesses of the advance stage
- Protection of 50 Medical conditions
- Accelerated Benign Tumor Benefit – People with pre-existing benign conditions can be accepted without any coverage exclusions or premium loading. HSBC Life will also cover when the condition progresses, covering 20% of the sum assured of the CI rider
- Benign Conditions that are covered:
Pre-existing Condition Covered Conditions Benign Breast disorder Early or Intermediate & Advanced Stage of breast cancer Elevated prostate-specific antigen (PSA) level Early or Intermediate & Advanced Stage of prostate cancer Uterine fibroid Early or Intermediate & Advanced Stage of uterus cancer source: HSBC Life
- Critical Illness coverage capped at $3 million
Critical Waiver Protect Advantage II (CI Waiver rider)
- In the event of diagnosis of advance stage critical illness, future premiums will be waived off
- 49 medical conditions
HOW IT WORKS
What We Like About HSBC Life’s Protect Advantage II
- One of the highest maximum early stage critical illness sum assured payout at $350, 000
- Able to extend multiplier till age 99
- Guaranteed Family Waiver waives off future premiums in the event of the death of a family member of spouse or parent, this unique feature waives off all future premiums.
- Accelerated Benign Tumor Benefit – People with pre-existing benign conditions can be accepted without any coverage exclusions or premium loading. HSBC Life will also cover when the condition progresses, covering 20% of the sum assured of the CI rider up to S$50,000
What We Don’t Like About HSBC Life’s Protect Advantage II
- TPD (Total and Permanent Disability) is only up to age 70 where as certain insurers can cover for life
- Cash surrender value is the same for both male and female, where as other insurers will usually gauge surrender value according to the premiums paid
HSBC Life Protect Advantage II is Suitable if You:
- High amount of death, Terminal Illness and Total Permanent Disability Protection Sum assured at a competitive premium.
- Maximum early to intermediate Critical Illness coverage up to $350, 000
- Option to choose to extend the basic plan for life
- Cash value that accumulates throughout the plan.
- A limited premium paying term and get coverage of death, TPD as well as early stage CI for life.
It would however be less suitable if you would like:
- A wealth growth instrument for retirement and savings purposes.
- Frequent withdrawals and access of cash from the insurance coverage plan.
- Short breakeven years and have high cash value early into the plan.
- Term insurance coverage of high sum assured with significant less premium
Conclusion for HSBC Life Protect Advantage II Review
As with all whole life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many whole life insurance plans in the market with many strong Insurers. Which one suits you the most?
To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.
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