HSBC Term Protect Advantage Review

HSBC Term Protect Advantage Review
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Last Updated on by Tree of Wealth

The HSBC Term Protect Advantage comes as a plan that covers on basic death, total permanent disability, terminal illness as well as advance stage critical illness coverage. It also has features like Convertibility options and Guaranteed Insurability Option to increase coverage at life’s milestones.

Another good option that the HSBC Term Protect Advantage has is the guaranteed surrender value. Yes, that’s right. Surrender value is available for this term plan should you not need it when the time comes. Let’s read on to find out!

Features At a Glance for The HSBC Term Protect Advantage

Flexibility Coverage and Premium

Choose from a range of coverage term as well as how long you want to supplement the premium. Also included in this term plan is the limited pay option.

Guaranteed Surrender Value

Surrender your coverage plan should you find that you have no need for it. There is a guarantee surrender value available. This is available on the limited pay premium option.

Life Milestones Guaranteed Insurability Boost

At life milestones, have the option to increase your coverage should you need it. This doesn’t require medical underwriting as well. This is a good feature taken into consideration that as life progresses and as we enter different life stages, our needs and concerns will often change as well.

With the increase of coverage being a Guranteed Insurability Option (GIO), have a peace of mind that this increase is guaranteed, without medical underwriting.

Key Life Milestones Include:

  • Changing marital status, including divorce.
  • Turning 21 years old.
  • Welcoming a newborn baby or adopting a child.
  • When your child enters primary school, secondary school, polytechnic or university.
  • Purchasing a property in Singapore.
  • Entering full-time employment after tertiary graduation.

Source: HSBC Life

Convertibility Benefit

Choose to convert this term plan into HSBC Life’s Whole Life plan or Endowment plan without medical underwriting. No evidence of health is required and can be converted at any point while the policy is in forced, before the Insured’s 65th birthday.

Unemployment Support Benefit

In the event of unemployment consecutively for 30 days, have the option to apply a deferment of the premium payment of up to a year (365 days)!

Available Supplementary Coverage Riders To Enhance Your Coverage

Disability Cover – In the event of Total and Permanent Disability (TPD), receive a lump sum payout equivalent to the sum assured taken up.

Advanced CI Waiver – In the event of diagnosis of Critical Illness (only advance stage), all future premiums will be waived off for the main plan included the attached riders.

Advanced CI Cover – In the event of diagnosis of Critical Illness (only advance stage), receive a lump sum payout equivalent to the sum assured taken up.

How The The HSBC Term Protect Advantage Works

HSBC Term Protect Advantage How it Works 1

HSBC Term Protect Advantage How it Works 2

HSBC Term Protect Advantage How it Works 3
source: HSBC Life

What We Like About the HSBC Term Protect Advantage 

  1. Guaranteed Surrender Value allows you to surrender your coverage plan should you find that you have no need for it, this provides a safety net financially and is available only on the limited pay premium option.
  2. Choose to have the term insurance converted into a whole life or endowment plan should your needs and concerns are not different than when you took up the plan years ago.
  3. The Unemployment Support Benefit has the choice to defer your premium terms of up to a year (365 days) should you be unemployed for 30 days consecutively.

What We Don’t Like About the HSBC Term Protect Advantage 

  1. Only 999k Maximum sum assured is available, no One Million Coverage available.
  2. No early stage critical illness coverage available, only on advance stage.

Conclusion for HSBC Term Protect Advantage 

Compare all term life insurance plans here to find the suitability of this plan for you. Finding the right one will largely depend on your needs and expectations. There are many term 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.

No obligations, no hidden fees. All advice are of no charges.

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