HSBC has launched a new protection plan designed to cover against death, sickness, trauma and unemployment.
The product, called LifeChoices, has four elements which can be mixed and matched to provide the desired level of cover.
It also has a stripped down underwriting process involving just three questions which HSBC claims will see three quarters of applicants accepted in minutes.
The four elements include LifeChoice – level or decreasing life insurance providing a lump sum benefit with terminal illness benefit included, SicknessChoice – a monthly benefit paid if the customer is unable to work as a result of an accident or sickness, TraumaChoice – a level or decreasing lump sum benefit that pays on the diagnosis of one of five serious illnesses or surgical operations and UnemploymentChoice – a monthly benefit paid following involuntary redundancy or if the customer leaves work to become a carer.
The amount of medical information required on application has drastically reduced which HSBC says ensures customers understand exactly what is being asked of them and reduces the risk of accidental non-disclosure.
HSBC Life chief executive officer Robert Lang says buying protection has been viewed by consumers as an overwhelming task due to the long and arduous application process.
He says: “LifeChoices has been designed specifically to make it easier for our customers to get the appropriate protection for their needs with the added bonus of getting their cover in a matter of minutes.”