Along with HSBC Finance products, we offer a simple and affordable way to protect our customers and their families: Optional Credit Insurance.*
Credit Life Insurance
With both single and joint converage available, Credit Life Insurance:
- Protects the borrower and spouse (if joint coverage) in the event of either borrower's death
- Will pay off your entire account balance as outlined in your Insurance Certificate
Credit Disability Insurance
If you are unable to work due to a disability or injury:
- The minimum monthly payments on your loan will be made as outlined in your Insurance Certificate
- These payments will cease when the loan is paid off, you return to work, reach the maximum age limit, or reach the maximum number of payments (24 months)
Credit Disability Requiring Hospitalization Insurance
Eligible on Unsecured Personal Line of Credit only
If you are hospitalized for at least 24 hours due to accidental bodily injury or sickness:
- Your minimum monthly payment will be made to a maximum of $500 per month
- If hospitalization continues for more than 30 days, the Insurance will pay your outstanding balance as outlined in your Insurance Certificate
Credit Involuntary Unemployment Insurance
Unsecured Personal Line of Credit:
If you are laid off, go on strike or are involved in a labour dispute:
- Your minimum monthly payments will be made to a maximum of $500 per month and 6 monthly payments in any calendar year
- Payments will begin on the 31st day of unemployment until you are employed again or the maximum number of payments has been reached as outlined in your Insurance Certificate
Unsecured Loan:
If you are laid off or terminated by your employer:
- Your minimum monthly payments will be made to a maximum of $1,650 per month
- Payments will begin on the 31st day of unemployment until you are employed again or the maximum number of payments has been reached
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*Group Creditor Life and Disability Insurance is underwritten by Household Life Insurance Company. Involuntary Unemployment and Disability Requiring Hospitalization Insurance is underwritten by American Bankers Insurance Company of Florida, an Assurant Solutions™ company. Not all products are available in all provinces or on all loan programs. Please visit your local HSBC Finance office to learn about eligibility and availability in your province. Insurance products offered are optional and are not a requirement for loan approval. All benefits are subject to exclusions and limitations, see your certificate for more details.
