Protecting your loved ones
Buying a life insurance policy is a good way to protect your loved ones financially, but it’s not the only way. This article outlines some other options that can help you build a strong safety net for them.
In “Protecting your financial future”, we outline how a life insurance policy can provide the reassurance that your loved ones will be looked after if you're no longer there to provide for them. Other than a life insurance policy, there are many other ways you can protect the people you love.
Medical insurance policies differ widely, but generally, each policy will cover the insured for:
- Some/all of the cost of surgery as well as minor treatments
- Some/all of the cost of hospital stays
- Outpatient attention by general practitioners and certain specialists
- Diagnostic or follow-up tests
Some health insurance policies may include provisions for other types of medical attention including dental care, eye care, physiotherapy, mental health support and pregnancy or maternity services. And some life insurance policies also pay a benefit if one of a number of designated critical illnesses is diagnosed, and provide access to second medical opinions by leading specialists*.
Financial protections to safeguard your loved ones’ future
There are options that can help you ensure your loved ones’ wellbeing under different circumstances. Below are a few of the most common ones.
Making a will
Making a will is probably the most important thing you can do to make sure your loved ones are protected and cared for in the event of your death.
Your will is a document that lays out what should happen to your money, possessions and properties after you die. If you don’t leave a will, the law will decide what happens to your assets in ways that might not be in line with your wishes.
A will is about more than just money. It also lets you decide who should look after the children, if you have any, and what financial arrangements should be in place for when they become adults.
We recommend that you seek independent legal advice from your lawyer regarding any matters about making a will.
Supporting children
You might consider supporting a child or loved one financially by putting savings aside specifically for their education. You could also build a financial reserve to help secure your children’s future.
As with all savings, the earlier you start, the larger the principal will be, and the more interest (and compound interest) you may earn on the sum invested.
As a result of better healthcare and higher living standards throughout the world, we are living longer. One consequence is that more people are taking on the role of caring for an elderly parent or relative.
How you care for family, and the role that you play, is a matter of personal choice. Whatever that choice is, however, it may require specialist help and support, and make it necessary for you to stop work or reduce your working hours. If you're providing long-term care for a family member at home, you may need extra financial support. Nowadays, some insurance plans also provide supplementary benefits for dementia.
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Disclaimer
*The terms of actual coverage shall be subject to the relevant insurance policy. You are suggested to refer to the terms of the relevant insurance policy to find the relevant coverage and exclusions.
The information contained in this article is for general reference only and is not intended to constitute a recommendation or advice to any person or to be the basis for any financial decision. No person should act on any information in the article without seeking professional advice.
HSBC Life shall not be liable for any loss, damages or costs which may be incurred (directly or indirectly) due or relating to any contents in this article.
The information contained in this article does not constitute an offer for the purchase or sale of any banking or insurance products or services. Products and services are subject to individual needs. Contact your financial planner to review your financial needs and risk acceptance level. This article should not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose.
HSBC Life (International) Limited (“HSBC Life”) is authorised and regulated by the Insurance Authority to carry on long-term insurance business in the Hong Kong SAR. HSBC Life is incorporated in Bermuda with limited liability, and is one of The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) Group’s insurance underwriting subsidiaries. Insurance products provided by HSBC Life are only intended to be sold through HSBC in the Hong Kong SAR. Policyholders are subject to the credit risk of HSBC Life. For monetary disputes arising between HSBC and you out of the selling process or processing of the related transaction, HSBC will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the product should be resolved between HSBC Life and you directly. For details and information about HSBC Life products, please visit the insurance-related pages at HSBC’s website or visit our branch.
All the information in the article is updated as of July 2021
Issued by HSBC Life (International) Limited (Incorporated in Bermuda with limited liability)
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