Preparation for getting the right protection
Insurance products are by nature not quite as simple as ABC. But no worries. We have prepared a checklist that would help you determine just what kind of protection, and how much of it, you need.
There are several ways to find and buy insurance to cover almost every risk you might encounter. They include:
|
|
![](/media/6458/thumbnail_image1_en.jpg)
How to compare policies and quotes
When you're looking at the insurance products offered by different providers, it can be hard to make a useful or meaningful comparison.
For example, one might offer a lower premium but include more exclusions, while another might provide a broader scope of coverage and a larger benefit amount, but at a higher premium.
How do you go about selecting the right policy?
- Start with the basics - make a list of all the key elements of an insurance policy, the terms and the benefits you actually need, or want.
- Focus only on the policies that provide essential coverage - look for insurance plans that offer all the protections you consider essential. Anything else offered can be considered a bonus.
- Consider what isn’t included - in many ways this is more important than what is covered. For example, your travel insurance policy might carry exclusions relating to pre-existing medical conditions.
- Now make your final selection based on these 3 criteria - price, payment terms and, often overlooked, the provider’s reputation in the eyes of its existing customers.
![](/media/6461/thumbnail_image2_en.jpg)
Reputation matters
While price may be a deciding factor when it comes to choosing insurance, it's a good idea to check out a provider’s reputation before committing. There are plenty of review websites that will give you genuine, honest and unbiased reviews from a provider’s existing customers.
You might want to find out:
- What percentage of claims are settled without challenge?
- How easy is it to make a claim?
- How quickly are claims settled?
- How satisfied are the provider’s existing customers?
Increasingly, people want to be reassured that their money is going to organisations whose values are aligned with their own. Paying a little more to insure with a brand you value and trust may be more important to you than going with the provider offering the cheapest coverage.
That’s why you may also want to do a little research about a provider’s ethical or environmental credentials before committing to them.
![](/media/6464/thumbnail_image3.jpg)
A few things to watch out for
- Always check the details of an insurance quote
You'll want to make certain that it suits your individual needs. For example, can you pay in monthly instalments? Does it offer grace period if you need them? - Make sure you provide accurate information
Answer any questions asked honestly when applying for a quote. If you don't, there's a chance that a claim will be rejected or reduced in value. - Remember to update your policies
Your needs will change over time and you are usually required to inform your insurance provider of any changes to your circumstances. If you don't, your subsequent claims may be rejected. - Review your coverage from time to time
Since your needs will evolve as you enter different life stages, like getting married, moving in with a partner or starting a family, it’s always a good idea to review your coverage regularly to ensure you and your loved ones are adequately protected.
We provide a range of useful tools to help you evaluate your protection needs, including the coverage calculator below. Try it out and see for yourself how convenient it is!
https://insurance.hsbc.com.hk/family-protector#/coverage-calculator/stepOne
Talk with us
Want to know more how our products can help you? Get personalised support from our Insurance Specialists. Book a face-to-face appointment or meet with us over video.
Disclaimer
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.
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 June 2021
Issued by HSBC Life (International) Limited (Incorporated in Bermuda with limited liability)
© Copyright. HSBC Life (International) Limited. All rights reserved.
Date