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The three best bank accounts with travel insurance bolted on: We pick our favourites and whether they're worth paying for

• Some bank accounts include annual worldwide travel insurance
• They often also include car breakdown cover and mobile phone insurance 
• Although there is a monthly cost, having such an account may make sense

By Ed Magnus For Thisismoney.co.uk

Updated: 03:28 EDT, 9 August 2022

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Many Britons will feel a bank account isn't something they're prepared to pay for - after all, most current accounts are 'free'.

However, some packaged bank accounts offer a host of benefits that added together could justify their monthly cost.

The typical perks include free annual worldwide travel insurance, car breakdown cover and mobile phone insurance, often with family members included. 

There is also the convenience factor of having three insurance policies taken care of saving both time and effort in having to organise it separately. 

Some bank accounts charge a monthly fee, but throw in perks such as annual worldwide travel insurance.

Michelle Stevens, banking expert at comparison site Finder, says: 'If you and your family are frequent travellers, then a current account with packaged travel insurance could be well worth the monthly fee, especially given the rising cost of travel insurance premiums in the last two years. 

'But before signing up to any premium current account, it’s important you check that the terms of the travel insurance policy - as well as the other account features and perks - suit your needs.' 

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She adds: 'Another benefit of getting free travel insurance with a current account is that a lot of people usually forgo it - up to 8.6million in 2019 - which is not an advisable move. 

'If you get seriously injured abroad then the bill can reach hundreds of thousands of pounds, so having travel insurance included with a current account may result in a lot of people getting covered who may not have done so otherwise.'

We pick our three favourite current account deals for travel insurance, taking into account the monthly cost and the additional perks on offer.

1.  Nationwide Flex Plus  

This account offers worldwide travel insurance as well as mobile phone and European breakdown cover.

It does come with a £13 monthly charge, which, compared to other packaged bank accounts looks relatively cheap.

Its worldwide family travel insurance, includes winter sports, golf, weddings and business cover.

Nationwide offers worldwide travel, mobile phone and European breakdown cover and charges £13 a month for maintaining the account.

Cover for travel essentials includes luggage, documents and cash as well as protecting against travel-specific problems like delays, cancellations and medical expenses.

Then cancellation cover is up to £5,000, the medical expenses cover up to £10 million, whilst cover for travel disruption will be eligible when caused by natural disasters, or airline or travel end supplier failure.

The policy doesn't cover medical conditions unless they have been declared to Nationwide and accepted. In some instances, you can pay for a medical upgrade to your insurance policy.

Two other clauses to be aware of is that the longest trip length allowed is 31 consecutive days. 

For any person to be insured who is aged 70 or over, they must buy an age upgrade to cover them.

Although the monthly cost will add up to £156 a year, it's possible to offset much of this during the the first year, thanks to Nationwide's current account switching incentive.

Non-Nationwide members can currently get £100 for switching, whilst members who switch to the Flex Plus account could get £125.  

Saves the extra admin: Nationwide's annual travel insurance policy is worldwide, and covers a whole family for multiple trips, not just the individual account holder.

On top of travel insurance, account holders get vehicle breakdown cover both in the UK and the rest of Europe and mobile phone insurance for the whole family.

The car insurance is valid whether someone is a driver or a passenger in a vehicle, and comes with no excess to pay and unlimited callouts.

The mobile insurance covers mobiles belonging to the account holder and those belonging to their partner and dependent children. It covers for loss, theft, damage and faults.

2.  Virgin Money's Club M Account

Virgin's Club M Account comes with a £14.50 monthly charge.

Similar to Nationwide, it offers 31 days' worldwide cover per trip. It will cover the account holder and a partner living with them if there're both under 75, so it's a little more generous on that front.

Virgin's worldwide family multi-trip travel insurance - includes winter sports, golf and weddings. Plus, 24 hour access to a doctor at home or abroad.

There's also cover for up to four dependents under 18 - either in full time education or living with the account holder.

Emergency medical treatment, includes falling ill with coronavirus while away, and cover for the journey home, if it's medically necessary.

It also covers lost, damaged or stolen items, and if the baggage is delayed, any essentials will be paid for in the interim period. It also includes cover for delays or missed departures and winter sports as standard.

Account holders are also covered when cancelling or cutting short a trip if they fall ill with coronavirus as long as they didn't know they had it and weren't being tested for it when they booked their trip. 

The cover includes emergency medical, surgical, hospital, treatment and ambulance costs, as well as any additional accommodation and travel expenses if someone cannot return to the United Kingdom.

There is a maximum allowance of 31 days of worldwide cover per trip.

It covers the account holder and their partner living with them if they're both under 75. There's also cover for up to four dependents under 18. 

A claim will be void if it relates to any medical treatment received because of a medical condition or an illness related to a medical condition which a person knew about at the time of opening the account. 

What else? 

On top of the travel insurance it also offers UK breakdown cover with no call out charges, whether as the driver or the passenger and offers help at the roadside and at home.

It also offers worldwide mobile phone and gadget insurance covering against loss theft, damage, and breakdown

Just make sure you've declared any pre-existing medical conditions and don't leave your valuables unattended to be fully covered.

Its Worldwide family multi-trip travel insurance - including winter sports, golf and weddings. Plus, 24 hour access to a doctor at home or abroad.

Virgin current account holders also benefit from various other perks.

It offers access to an easy-access linked savings account paying 1.71 per cent on balances up to £25,000. C ustomers can also benefit from 2.02 per cent on balances up to £1,000 in their bank account.

New customers switching to the Virgin Money Club M Account can also receive a bonus of 20,000 Virgin Points to spend with Virgin Red, thanks to Virgin Money's latest current account switching offer.

Virgin Red is a rewards club that turns everyday spending into points. Once you are a member, you can earn and spend Virgin Points across almost 200 different rewards.

The 20,000 Virgin Points boost means travellers could get a return flight to Barbados, the Bahamas or St Lucia, while bakery enthusiasts could turn their points into 100 sausage or vegan sausage rolls, 61 coffees or teas or 100 doughnuts or muffins.

3.  Halifax Ultimate Reward Current Account  

Halifax Ultimate Reward current account costs £17 per month, the equivalent of £204 per year. However, there are ways to dramatically reduce this via its cashback and switching offers.

The account includes a family travel insurance policy for the account holder, their spouse or partner and children aged 18 or under, or up to 24 if they're in full time education. 

It includes cover for personal belongings, certain sports and activities such as winter sports golf trips.

At £17 a month Halifax is the most expensive of our three top picks. However, its £150 cash incentive and £5 monthly cashback could help account holders to significantly reduce the cost.

Its cover includes, up to £10million for hospital fees, repatriation, medical confinement, funeral and dental costs incurred if taken ill or injured on your trip. 

Up to £5,000 in total for loss of pre-paid travel and accommodation expenses in the case of cancellation or curtailment. 

It covers personal baggage up to £2,500 if it is lost, damaged or stolen. This includes up to £500 for valuables, and up to £500 for a single item or pair or set of items.

It also covers personal money up to £750 for loss, or theft. This includes up to £300 cover for cash. This is limited to £50 for under 16s.

Watch out: 

Existing medical conditions are not covered, unless these are agreed with the insurer first, and an additional premium may be payable.

The longest trip length is 31 consecutive days. For winter sports, a maximum of 31 days cover in a calendar year.

Halifax's travel insurance covers personal Baggage up to £2,500 if it is lost, damaged or stolen.

It's also worth noting that a £75 excess per adult per incident may apply and to be covered trips must start and end in the UK.

All cover ends when the account holder turns 71. As long as the account holder is less than 71, their spouse or partner will also be covered until they reach 71. 

Eligible children can also be covered so long as they are travelling with the spouse, partner or civil partner of the policyholder. 

What else: 

It also offers car breakdown cover with the AA. This covers any vehicle the account holder is travelling in, at the roadside or at home. But only in the UK. 

For mobile insurance, it covers breakdown, accidental damage, loss and theft up to £2,000. 

However, it only Covers one phone per account holder or two in the case of a joint account. An excess of £100 is payable on all successful claims.

The £17 fee makes it a little more expensive than a few others but there are ways to reduce the cost.

Halifax is currently offering a £150 switching incentive for those who switch from another current account.

On top of the £150 bribe there are other perks to take advantage of. There is a choice of £5 a month paid into the account, two film rentals or three magazine rentals, or a free cinema ticket each month.

In order to benefit from this account holders must choose to either Spend £500 on their debit card each month or Keep at least £5,000 in the account at all times.

They must also pay in £1,500 or more into your account each month and stay in credit - keeping your balance at £0 or above.

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Chase Bank will pay £1% cashback on spending for the first 12 months . Customers also get access to an easy-access linked savings account paying 3.8% on balances up to £250,000. The account is completely free to set up and is entirely app based. Also no charges when using the card abroad.

Nationwide's FlexDirect Account offers 5% in-credit interest to new joiners when they switch on balances up to £1,500. This rate only lasts for one year. The account is fee free.

Halifax Reward Account pays £150 when you switch. Also earn up to an extra £75 cashback when you spend £750 each month for 3 months. There is a £3 monthly account fee, but that’s stopped by paying in at least £1,500 each month.

First Direct will give newcomers £175 when they switch their account . It also offers a £250 interest-free overdraft. Customers must pay in at least £1,000 within three months of opening the account.

NatWest's Select Account account pays £200 when you switch. The account has no monthly charges, but to be elligible for the £200, you'll need to deposit £1,250 into the account and log into mobile banking app within 60 days.

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Buying insurance

There are several ways to find and buy insurance to cover almost every risk you might encounter. They include:

• Buying insurance directly from an insurance provider or your bank - either in person, online or by phone.
• Using a price comparison website, which will compare the cost of insurance from different providers.
• Contacting an insurance broker, who will find an insurance product to suit your circumstances.

You could also be offered certain insurance coverage as part of a purchase, or have it included within a policy you already have in place.

Examples of ‘bundled insurance’ include:

• Travel insurance that comes included within the price of your holiday or travel booking.
• Breakdown coverage that comes free with your car insurance.
• Identity theft coverage that's included with a credit card. 

As well as ‘bundled insurance’ you may also be offered an extended warranty as an incentive to purchase, in addition to any warranty or guarantee period required by law.

Examples include:

• Warranty coverage that comes as part of the deal you've negotiated for a used car.
• Extended warranties and coverage that come with the purchase of new products (for example, a washing machine).

The insurance and/or warranties described in these examples may provide all the coverage you need. Be aware, however, that you may find more comprehensive, or more flexible coverage that better suits your needs if you purchase it separately.

How to compare policies and quotes

When you're looking at the coverage offered by different insurance providers, it can be hard to make a useful or meaningful comparison.

For example, one might offer a lower premium, but include a higher deductible payment in the event of a claim. Another might include a broader range of coverage and benefits, but at a higher premium.

How do you go about selecting the right policy?

• Start with the basics - make a list of all the elements of coverage, the terms and the benefits you actually need, or want.
• Focus only on the policies that provide essential coverage - all of the elements of coverage that 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 might exclude claims 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.

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 organizations 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.

You may also want to do a little research about a provider’s ethical or environmental credentials before committing to them.

A few things to watch out for

• Always check the detail of an insurance quote                                          You'll want to make certain that it suits your individual needs. For example, can you pay in monthly installments?
• 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 may be reduced in value, or your policy cancelled altogether.
• Remember to update your policies                                                              Your needs will change over time and it's often a requirement of an insurance policy to let them know of any changes to your circumstances. If you don't, it’s possible for a claim to be rejected.
• Review your coverage from time to time                                                            For general insurance (e.g. car or home insurance) you could do this each time your renewal is due. For other, longer term coverage (e.g. life insurance) you could review your needs at significant life stages, like getting married, moving in with a partner or starting a family. 

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• HSBC Malaysia online banking

Travel Care

Go on a totally fuss-free, carefree holiday with travel care.

Not all who wander are lost, but your luggage certainly could go missing. That's just one of the unexpected events that could put a dampener on your travel plans - there might also be flight delays, accidents or lost passports to contend with.

Travel Care provides a comprehensive suite of coverage and Allianz's Authorised Representative's emergency hotline (+603-76283919 or +603-79653919) is available 24 hours a day to support you through any emergency you might face, so you and your loved ones can have a stress-free trip filled with beautiful memories.

Stand to receive a Touch 'n Go eWallet Reload PIN worth up to RM50

Be one of the first 200 customers to purchase travel care with the promo code 'hsbc23' and get a touch ‘n go ewallet reload pin worth up to rm50. promotion period 27 november 2023 - 31 july 2024., ¹allianz travel care ("this plan") is underwritten by allianz general insurance company (malaysia) berhad (company no. 200601015674 (735426-v)) ("allianz general") and hsbc bank malaysia berhad ("hsbc malaysia") is the intermediary in distributing this plan. travel care customer campaign promotion  terms & conditions  apply..

• Overseas and domestic travel coverage This includes coverage for luggage and travel delays, and for overseas travel, the coverage also includes loss or damage to your travel documents, personal luggage and valuables, and more
• Accidental death and permanent disability coverage
• Emergency medical evacuation and repatriation programme
• Reimbursement of medical expenses We'll reimburse the necessary and reasonable medical, surgical or hospital charges, and emergency dental treatment fees incurred as a result of accidental bodily injuries, illness or death during your trip
• Option to purchase rider plans to extend your coverage when you participate in certain sports or events during your travels

What your coverage includes

What you need to know, are you eligible.

You're eligible for a Travel Care plan if you belong to one of the following categories:

• Malaysian citizen or permanent resident
• valid work permit or student pass holder
• legally employed in Malaysia

You'll also be able to get coverage for your spouse and child if they legally reside in Malaysia.

Good to know

Emergency contact information .

If there's an emergency when you're travelling, you can call the Allianz 24-hour emergency hotline on +60 3 7628 3919. Toll fees may apply.

Cover for COVID-19 

Travel Care covers medical expenses for COVID-19 treatment, subject to policy terms and conditions. Your diagnosis must be certified by a medical practitioner, and you'll also need to provide a supporting lab report or medical report that states your diagnosis. 

Cover for high-altitude mountaineering 

You can get cover for high altitude mountaineering by contacting Allianz via email on  [email protected] , or by calling 1300 22 5542.

What options for Travel Care plans are available?

The following plans are available:

• Adult Plan/Adult Annual Plan: if you're aged 18-70 years old
• Child Plan/Child Annual Plan: if you're aged 30 days-17 years old
• Senior Citizen Plan: if you're aged 71-80 years old
• Family Plan: if the policyholder is aged 18-70 years old, the policyholder's 1 selected legal spouse is aged 18-70 years old and the policyholder's child/children is/are aged 30 days-24 years old
• Under family plan, the payment per individual will be based on the limit under an adult plan and/or child plan, as the case may be subject to the maximum limit as stated in the Schedule of Benefits in the brochure and policy document.
• Maximum period of coverage per journey/trip is 200 days for one way or return trip.
• Maximum period of coverage per journey/trip is 90 days for annual policy.
• Maximum period of coverage per journey/trip for High Altitude Mountaineering activities is 30 days.
• Each trip must begin and end in Malaysia except for one way trip.
• Maximum period of coverage per journey/trip is 30 days for one way/return trip or annual policy.
• Premium is subject to Service Tax.
• Customer may opt for Automatic Renewal (for annual policy only). This policy is deemed to be automatically renewed and the applicable premium will be charged upon expiry unless otherwise instructed.

For other key terms and conditions, please refer to the Product Disclosure Sheet in the link below.

Ready to apply for Travel Care?

Get a quote via mobile banking or online banking.

If you have an HSBC debit or credit card, you can apply via our mobile banking app or through online banking. Go to the homepage, select 'Products and services', and choose 'Travel Care'. We'll help you apply by filling in information from your records.

Get a quote without logging on

If you have an HSBC debit or credit card, you can also get a quote without logging on to mobile banking.

Scan the QR code to get the app

Download the HSBC Malaysia Mobile Banking app on your iOS or Android device.

• Learn more about mobile banking  

Need help? Check out our  step by step mobile guide .

The information provided on this page is not a contract of insurance. The descriptions of cover are a brief summary for quick and easy reference. The precise terms and conditions that apply are in the policy document. Allianz Travel Care ("this Plan") is underwritten by Allianz General Insurance Company (Malaysia) Berhad (Company No. 200601015674 (735426-V)) ("Allianz General") and HSBC Bank Malaysia Berhad ("HSBC Malaysia") is the intermediary in distributing this Plan. This Plan is exclusively for HSBC Malaysia Credit and Debit Cardholders only. Please read and understand the Product Disclosure Sheet (PDS), Brochure and Policy Wording before signing up.

• Product Disclosure Sheet (PDF) Product Disclosure Sheet (PDF) Download
• Brochure (PDF) Brochure (PDF) Download
• Policy Wording (Domestic) (PDF) Policy Wording (Domestic) (PDF) Download
• Policy Wording (Overseas) (PDF) Policy Wording (Overseas) (PDF) Download
• Allianz General Insurance Company - Privacy Notice (PDF) Allianz General Insurance Company - Privacy Notice (PDF) Download

Important Notes 

1. The benefits payable from this insurance product are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to certain limits. Please refer to PIDM's TIPS Brochure, the PIDM website , or contact Allianz General Insurance Company (Malaysia) Berhad to get more information about the Takaful and Insurance Benefits Protection System(TIPS)

2. For after-sales service, you can contact Allianz by [email protected] or on 1300 22 5542 .

3. You may find out more about our coverage by visiting your nearest Allianz branch.

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You can now change your address via our phone banking service. You'll still be able to change it via online banking or in a branch. Find out how to change your address .

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Travel insurance

Free travel insurance for you and your loved ones

Travelling away from home without travel insurance puts you at risk of a number of situations. Needing medical treatment for illness, cancelled trips and other financial emergencies can turn your dream holiday into an overseas nightmare.

If you're a Premier or Advance customer, HSBC offers you free travel insurance. All you need to do is settle full or part payment of your flight, marine transport service and/or accommodation with a valid HSBC Premier/Advance debit or credit card.

Eligible accounts

What’s included.

Cover applies to you (the HSBC Premier or Advance customer) and your eligible family members* provided you are under 76 years of age for a maximum period of 90 days (HSBC Premier customer) or 60 days (HSBC Advance customer) per trip.

• free multi-trip worldwide cover
• personal accidents cover for unexpected injuries or fatal accidents
• medical expenses cover for medical treatment including hospital stays
• 24-hour emergency assistance for help when you need it most
• personal belongings cover for accidental loss, damage or theft of possessions
• travel cancellation and delay cover for when your holiday plans are disrupted
• personal liability cover for injury to someone else or damage to their property
• hire vehicle excess cover for Premier customers

A printable summary of the table of benefits highlighting your limits and excess can be found in our Important Documents page .

As with all insurance policies, terms and conditions, exclusions and limitations apply, so before each trip we recommend that you check carefully the policy documentation.

If you require additional cover, you are requested to contact Mediterranean Insurance Brokers (Malta) Ltd.

*Eligible members include partners living at the same address, as well as children living with you, under the age of 18 or under 25 if in full-time education.

Any questions

Policy queries.

Mediterranean Insurance Brokers

+356 2343 3234

Monday to Friday 08:30 - 17:00

Email Mediterranean Insurance Brokers

Premier customers

Premier Direct

+356 2148 9100

24 hours a day, 7 days a week

Advance customers

Advance dedicated line

+356 2148 9101

Monday to Saturday 08:00 - 18:00

In case of a medical emergency

In the event of a medical emergency during your trip, you must contact Global Response as soon as possible. Global Response is a world-wide organisation specialising in emergency assistance services. The service operates 24/7, 365 days a year for advice and assistance when making arrangements for hospital admission, repatriation and authorisation of medical expenses.

Over the phone:  +44 (0) 292 066 2438

By email:   [email protected]

Premier customers should quote Atlas Policy Certificate number - Travel: 167064 299 002

Advance customers should quote Atlas Policy Certificate number ­- Travel: 167064 299 001

How to make a claim

By phone.

+ 356 2343 3234

Monday to Friday from 08:30 to 17:00

Zentrum Business Centre

Level 2, Triq l-Imdina

Ħal Qormi, QRM 9010

This insurance is provided by Atlas Insurance PCC Limited and administered by Mediterranean Insurance Brokers (Malta) Ltd. A list of necessary information and documents required when making a claim can be found in our Important Documents page .

Important documents

You can download all the documents relating to our travel insurance, including terms and conditions, as well as information about what's covered and how to claim from our Important Documents page .

Frequently Asked Questions

Can i buy extra cover for a trip .

Yes, you can arrange additional cover for a trip at your own cost.

These optional extensions are available:

• Increased limit for rental vehicle excess (free up to €500 for Premier customers and can be bought separately by Advance customers)
• Winter sports extension
• Specified items extension
• Increase in baggage limit for cruises
• Cancellation of trip (extreme weather conditions)
• Maximum duration of trip extension
• Covid-19 extension

To discuss your needs and obtain a quotation, contact Mediterranean Insurance Brokers on +356 2343 3234 or email  [email protected]

How long will I be covered for? 

If you're a Premier customer you'll be covered for a single trip of up to 90 days; it's 60 days for Advance customers.

Am I covered for business trips? 

Yes, the insurance covers both holidays and business travel.

Are eligible members travelling without being accompanied by the main cardholder still covered?  

They are covered irrespective of whether travelling with the cardholder or not.

Eligible members include partners living at the same address, as well as children living with you, under the age of 18 or under 25 if in full-time education.

What information do I need when making a claim? 

When making a claim it is important that you provide the necessary information and documents required, to enable Mediterranean Insurance Brokers to proceed with the handling of your claim. These may differ from one benefit to the other, however as a minimum the following documentation will be required:

• Completed claim form
• Passport Copy
• Copy of ID card of Main Card Holder
• Flight Tickets or e-tickets (departure and arrival)
• Luggage Tags

Depending on the claim being made, additional documentation may be required such as:

• Damage report by Airline/Cruise Line (Property Irregularity Report) if claiming for damaged luggage
• Police report for lost or stolen items, within 24 hours of discovery
• Medical Report/s (if claiming any medical expenses or cancellation of travel)
• Hotel Accommodation Vouchers
• Flight & Accommodation invoices & Receipts;
• Documentation to confirm reason/s for cancellation or curtailment;
• Cancellation confirmation from Airline / Agent indicating any refund due (if any);
• Evidence of money taken abroad – this may take the form of foreign exchange receipts or cash withdrawals in case of Euros.

For further guidance contact Mediterranean Insurance Brokers on +356 2343 3234 or email   [email protected]

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TravelSure makes travel safer with over 50 benefits and COVID-19 coverage to take care of you, even before take off.

Special offers

From now till 6 May 2024, enjoy 35% premium discount for Single-Trip plans and 15% premium discount for Annual plans.

• COVID-19 coverage COVID-19 coverage is automatically included for Single and Annual plans. Get up to SGD250,000 medical expense coverage when you travel overseas. Please refer to the COVID-19 section for more information.
• Overseas medical expenses Be covered up to SGD1,000,000 for overseas medical expenses.
• Replacement of traveller Pays for the charges incurred for change of traveller due to you or insured person not being able to travel as a result of serious injury, illness or death 30 days prior to the trip.
• Delayed departure Pays for additional administrative and travel expenses incurred to book alternative transport to the same destination should there be delays to the public transport.

Summary of benefits

The limits shown above are based on Individual sum insured. Learn more about the full coverage details .

How to buy TravelSure

Buy travelsure online now.

• Contact MSIG Singapore
• Submit your claims online

Important Notes 

This product is underwritten by MSIG Insurance (Singapore) Private Limited ("MSIG") and distributed by HSBC Bank (Singapore) Limited ("HSBC"). It is not an obligation of, a deposit in or guaranteed by HSBC. Full details of the terms, conditions and exclusions of this insurance are provided in the policy and will be sent to you upon acceptance of your application by MSIG. This is not a contract of insurance. It does not constitute an offer to buy an insurance product or service. It is also not intended to provide any insurance or financial advice. 

This policy is protected under the Policy Owner's Protection Scheme which is administered by the Singapore Deposit Insurance Corporation ("SDIC"). For more information on the scheme, please visit the General Insurance Association www.gia.org.sg or SDIC www.sdic.org.sg websites.

The information and opinions contained in this website are for information only, have been obtained from sources believed to be reliable, but HSBC makes no representation or warranty as to their adequacy, completeness, accuracy or timeliness for any particular purpose, are subject to change without notice, and are not intended for distribution to, or use by, any person or entity outside Singapore or in any jurisdiction or country where such distribution or use would be contrary to law, regulation or rule. HSBC does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time.  

Where specific products are advertised and/or recommended, please note (a) the recommendation is intended for general circulation; (b) the recommendation does not take into account the specific investment objectives, financial situation or particular needs of any particular person; (c) advice should be sought from a financial adviser regarding the suitability of the products, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the recommendation, before the person makes a commitment to purchase the products; should the person choose not to do so, he should consider carefully whether the product is suitable for him; in particular, all relevant documentations pertaining to the product should be read to make an independent assessment of the appropriateness of the transaction; and (d) this advertisement has not been reviewed by the Monetary Authority of Singapore, or any regulatory authority elsewhere.

HSBC, its related companies, their directors and/ or employees may have positions or other interests in, and may effect transactions in, the product(s) mentioned here. HSBC may have alliances or other contractual agreements with the provider(s) of the product(s) to market or sell its product(s). In addition, HSBC, their directors and/or employees may also perform or seek to perform broking, investment banking and other banking or financial services for these product providers.

To the extent permitted by law, HSBC accepts no liability whatsoever for any direct indirect or consequential losses, claims or damages arising from or in connection with the use of or reliance on the information, opinions or contents herein.

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Insurance Aspects

Existing HSBC Insurance Aspects customers

HSBC Insurance Aspects is currently not available for new customers to purchase. This information is for HSBC Advance customers who already hold an Insurance Aspects policy for:

• worldwide travel insurance (for eligible customers aged under 70)

24-hour motor breakdown assistance

• mobile phone insurance

If you already have an Insurance Aspects policy with us, find out how you can make a claim.

Worldwide travel insurance

Your worldwide travel insurance includes:

Baggage cover for loss, theft or damage to your personal belongings.

Up to £10 million of medical cover for emergency medical treatment and associated expenses.

Cover if you miss your pre-booked transport or your pre-booked transport is delayed for at least 12 hours.

• Up to £5,000 of cover for cancelling or coming home early - refund of unrecoverable travel and accommodation costs if you're forced to cancel or cut short your trip. Includes cover for if your transport or accommodation provider or booking agent becomes insolvent or you can't travel or continue your trip because of a terrorist attack.

Up to 31 days of winter sports cover for loss, theft or damage to winter sports equipment. Also includes additional benefits for delays due to avalanche, ski pack, piste closures or injury or illness which prevents you from taking part in winter sports activities.

Add optional upgrades for extended trip duration and increased cancellation cover.

You must be registered with a doctor in the UK in order to make any medical claims, or claims for cancellation or coming home early due to medical emergencies.

Worldwide travel insurance is provided by Aviva Insurance Limited. If you need to prove you have Travel Insurance, you can  ask Aviva for confirmation of cover .

Coronavirus advice

For the latest coronavirus travel guidance, see  what’s covered under HSBC Travel Insurance .

Declaring medical conditions before travelling 

You'll need to call the HSBC Medical Risk Assessment helpline on 08000 517 142 before booking a trip if, in the 12 months before making the booking or opening your account (whichever is later), an insured person:

• has been prescribed medication, including newly-prescribed or repeat medication
• has received or is awaiting medical treatment
• has undergone or is awaiting tests or investigations
• has been referred to or is under the care of a specialist or consultant
• has been admitted to hospital or had surgery

You must also tell Aviva if:

• any of the above happens for a condition you've already declared
• there are any changes to prescribed medication
• any of the conditions deteriorate

You should also tell Aviva after booking a trip but before you travel if:

• an insured person is referred to a specialist or consultant or admitted to hospital because of a new condition or symptom, or a previously accepted condition
• there's been any deterioration in an accepted condition you've already told us about
• there's been a change in prescribed medication for an accepted condition you've already told us about

There's no cover where, at the time of opening your account or booking a trip (whichever is later), the insured person knew that their travel plans could reasonably be expected to be affected by the illness, injury or quarantine of:

• a travelling companion
• a person the insured was going to stay with
• a close relative
• a business colleague 

Existing conditions are not covered at any time under this policy unless either of these applies:

• The insured person only has conditions included in the list of accepted conditions in the policy terms and conditions.
• You’ve told Aviva about them and they’ve agreed in writing to provide cover.

Travel policy documents 

Your Travel Policy Document (PDF, 519KB)

Insurance Product Information Document for customers aged under 70 (PDF, 853.9KB)

Do I need to notify you to use my HSBC UK debit or credit card outside the UK? 

No, you no longer need to notify us before you travel. To find out more about managing your money whilst you travel, see  using your card abroad .

Mobile phone insurance

Your mobile phone insurance is for contract and pay-as-you-go phones you own. It includes:

• Worldwide cover for your mobile phone against loss, theft, breakdown (outside of warranty) or accidental damage. 
• no upper claim value limit
• excess payable of £50 for repair, £75 for replacement.
• Up to 2 claims per HSBC Insurance Aspects holder per policy year.
• Claims are settled by repairing or replacing the phone. Replacement phones are refurbished models.

Mobile phone insurance is underwritten by Aviva Insurance Limited. While Aviva will be the insurer of this policy and will remain liable to you under the terms and conditions of this policy, it will use Likewize as its agent to help administer your policy and deal with claims.

Register your mobile phone 

Your mobile phone is automatically covered. However we recommend you register your mobile phone in advance to make the process of making a claim easier.

You can register your phone online  or call  0800 001 4278 .

Lines are open: Monday to Friday from 08:00 to 20:00

Saturday, Sunday and public holidays: 08:00 to 18:00

Mobile phone policy documents 

Your Mobile Phone Insurance Policy Document (PDF, 166KB)

Insurance Product Information Document for customers aged under 70 (PDF, 853.9KB

Insurance Product Information Document for customers aged over 70 (PDF, 347.2KB)

Your motor breakdown assistance includes:

• Cover for you as a driver or passenger of any eligible vehicle for breakdowns which occur at your home address or on the road in the UK.
• Up to 5 call outs per year per account holder.
• In some circumstances you may need to pay for a service that is covered under your policy yourself, such as a taxi, and claim this back from the RAC as stated in your policy terms and conditions. To do so, please submit the RAC Reimbursement form within 90 days of your breakdown.

HSBC Insurance Aspects Motor Breakdown Assistance is provided by RAC Motoring Services and administered by Aviva Insurance Limited.

Motor breakdown policy documents 

Your Motor Breakdown Policy Document (PDF, 898.9KB)

RAC Reimbursement form (PDF, 142KB)

How to make a claim

For details of how and when to make a claim, please visit our  Insurance Aspects claim  page.

Things to know

To remain eligible for Insurance Aspects you must:

• hold and pay the monthly fee from your HSBC Advance Account
• be a UK resident
• HSBC Insurance Aspects Terms and Conditions (PDF, 497.8KB) HSBC Insurance Aspects Terms and Conditions (PDF, 497.8KB) Download

HSBC Insurance Aspects fee

With effect from 31 May 2019 the HSBC Insurance Aspects fee is:

• £11.95 per month
• £5.95 per month if all policy holders are aged 70 or above (does not include travel insurance)

This fee will be taken from your HSBC Advance Bank Account.

Cancelling your policy

If you decide to cancel your HSBC Insurance Aspects policy it will not be possible to reinstate this in the future.

If you close your HSBC Advance Bank Account from which the monthly fee is paid, we will automatically close your HSBC Insurance Aspects policy at the same time.

If you tell us that you are moving outside of the UK, Channel Islands or Isle of Man, we will close your HSBC Insurance Aspects policy from your date of departure.

Frequently asked questions

Who's covered by this policy .

Cover is for you, the HSBC Insurance Aspects holder(s), your domestic partner (providing you are both under 70 years of age at the start date of your trip), and dependent children under 23 years of age, if they're travelling with you or to stay with a close relative. All insured persons must be residents of the UK, Channel Islands or Isle of Man.

Can I extend the trip duration? 

You may be able to purchase a policy upgrade for an individual trip to extend the duration up to a maximum of 120 days. Please call Aviva on  0800 328 1563  at the point of booking your trip, and one of their advisers will be happy to assist you.

Are holidays in the UK covered? 

Yes. Holidays in the UK, Channel Islands or Isle of Man that involve a stay of at least 2 consecutive nights are covered.

They must also have either of the following:

• pre-booked holiday accommodation in commercially-run premises
• pre-paid bookings on public transport, including flights and ferries

Please see our definition of ‘pre-booked holiday accommodation’ in your policy document.

Are business trips covered? 

Yes, if you travel outside the UK to carry out non-manual work such as administrative tasks, meetings and conferences, you're covered.

Am I covered if I go on a cruise? 

Although this is not a specific cruise policy, cruises are covered as standard as they're simply a type of holiday. However, there is no cover for some things that special cruise policies may cover, for example, missed port, unused excursion and change of itinerary cover.

What is covered by my mobile phone insurance policy? 

Mobile phone insurance covers phones you own (including phone contracts where you will become the owner at the end of the contract, or where you are contractually responsible for any damage to the phone) for accidental damage, breakdown (outside of warranty), loss and theft.

Do I need to register my mobile phone? 

Your mobile phone is automatically covered. However, we recommend you register your mobile phone in advance to make the process of making a claim easier.

Are accessories covered by my mobile phone insurance policy? 

The battery and charger are covered if they are lost, damaged or stolen in the same incident but no other accessories are covered by this insurance.

How long am I covered for? 

You're covered by mobile phone insurance from the date you became an HSBC Insurance Aspects holder, or 1 November 2018, whichever is later until the policy is cancelled/terminated or you stop paying the account fee.

Who is covered by my mobile phone insurance policy? 

Your policy covers you (the policyholder), any joint account holder and anyone temporarily using the phone with your permission.

What if I'm abroad and my mobile phone is lost or stolen? 

Cover applies worldwide, but we can only arrange a replacement phone when you're back in the UK (or the Channel Islands or the Isle of Man if you're resident there).

Motor breakdown insurance

Will you come out if i'm the passenger rather than the driver .

Yes, with HSBC motor breakdown assistance, cover is personal to the HSBC Insurance Aspects holder and so you're covered whether you're the driver or passenger of an eligible vehicle. However, please remember that the HSBC Insurance Aspects holder must be with the vehicle when the incident occurred and when assistance arrives otherwise assistance may not be provided.

How many times can I breakdown? 

You can call us out up to 5 times per year per account holder.

How soon will I be covered once I take up HSBC Insurance Aspects? 

Your cover starts as soon as you are an HSBC Insurance Aspects holder or 1 November 2018 whichever is later. However, breakdowns that occur before you take up HSBC Insurance Aspects are not covered.

Who's covered? 

Anyone named as an HSBC Insurance Aspects holder is covered for Motor Breakdown Assistance.

Who provides the cover? 

Cover is provided by RAC Motoring Services and administered by Aviva Insurance Limited.

What number do I call if I breakdown? 

Contact the callout helpline number for assistance as soon as you can on  08000 014 279  or  01603 606 377 .

Why do I need identification? 

Cover is restricted to HSBC Insurance Aspects holders, and so to ensure that you are able to have assistance, it may be necessary to confirm that you are the policyholder.

Explore more

See all insurance options, what to consider when buying insurance, how to make an insurance claim, customer support.

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Travel Insurance

Alternatively please call  800 4560 .

• Instant quote & Instant cover
• Simple enrollment process
• High value cover for low premiums
• Extensive Cover options
• Global presence and worldwide arrangements
• Multilingual healthcare professionals
• 24/7 365 days a year travel assistance

Are you eligible?

You can apply for travel insurance if you are:

• a UAE resident
• a GCC resident traveling from their country of residence

Things you should know

• travel smart is one of the best travel insurance products in the market, to cover you for any medical and travel inconvenience, ensuring a worry-free holiday
• travel schengen is the compulsory minimum cover required for obtaining a visa to any Schengen country
• Travel insurance policy Terms and Conditions (PDF) Travel insurance policy Terms and Conditions (PDF) Download link

Find out more

Get started by requesting a quote online

Product terms and conditions and exclusions apply. Please read the full policy wording for further information.

General insurance products are provided by GIG Insurance (Gulf) B.S.C. (c). HSBC Bank Middle East Limited in the UAE is only a referrer of GIG's general insurance products and is not responsible for claims, processing or otherwise.

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Term life vs. permanent life insurance

• Term life insurance 

Whole life insurance

Universal life insurance, variable life insurance, variable universal life insurance, simplified issue life insurance, guaranteed issue life insurance, group life insurance, choosing the right type of life insurance, types of insurance faqs, exploring the types of life insurance: a comprehensive guide.

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

• Permanent life insurance lasts your lifetime and accrues cash value in addition to offering a death benefit.
• Term life lasts for a specified time and then expires, but it's cheaper than permanent life.
• There are several types of term and permanent life policies, and some don't require a medical exam.

Life insurance is a contract between you and the life insurance company. You'll pay monthly or annual premiums for coverage. If you pass away while your policy is in effect, your insurer must pay a death benefit or your policy's proceeds to your chosen beneficiary.

Life insurance is a crucial tool to manage your risk and protect your loved ones financially. "If you don't make it home and someone relies on your income to live, you need life insurance," says Mark Williams, CEO of Brokers International.

The best life insurance policy for you depends on your budget as well as your financial goals. There are two main types of life insurance policies to choose from: permanent life and term life.

The difference between term life insurance and permanent life insurance is similar to the difference between renting an apartment (term life) and owning a home (permanent life).

When you rent, you have a lease for a certain amount of time. When that lease is over, you can renew it. Likewise, term insurance lasts for a specified period. When it ends, you can reapply for coverage, but your premiums will likely increase based on your age and health status.

Permanent life insurance has a death benefit for your beneficiaries and a cash value you can use during your lifetime. It's like owning a home. Like a home, you build equity in your policy, which you can use as collateral. You can also use your cash value to leave a larger death benefit to your heirs when you pass away. 

Whether you choose permanent or term life insurance, you must undergo the underwriting process. During the underwriting process, your insurer gathers information about your health, job, income, finances, and other personal information to evaluate your risk level. It may require a medical exam, which includes collecting a blood and urine sample. Based on your risk level, the insurer determines your eligibility, premiums, and coverage amount.

The table below highlights the core differences between term and permanent life insurance. 

Term life insurance 

What is it .

The most popular type of term life insurance is a level term policy. You pay fixed premiums for a designated term—usually between ten and 30 years—for a fixed death benefit. If you die during your term, your beneficiaries receive a death benefit. If you outlive your policy and pass away without renewing your coverage, your beneficiaries won't receive a death benefit.

There are also other types of term life insurance policies, some more popular or expensive than others. Take a look at the list below for the top term life policies and their features.

• Annual yearly renewable (ART): This policy provides coverage one year at a time up to a specified age, without an additional medical exam. However, premiums increase each year as you age.
• Return of premium: Returns part or all of the money you've already paid if you haven't used the policy once your term ends. You'll pay an extra premium for this feature.
• Convertible term life: This allows you to convert a term life policy into permanent life insurance without additional evidence of insurability.

Who is it best for? 

Term life insurance provides coverage for a certain amount of time. This makes it suitable for most applicants, as most people's financial obligations decrease as they age. It's also the most affordable life insurance policy, making it accessible to most individuals. You can find our guide on the best term life insurance here.

Whole life insurance is a lifelong or permanent policy in which you pay a fixed premium for a guaranteed death benefit. The insurance company saves a portion of your premium in its own portfolio to increase your policy's cash value. Since whole life insurance offers many guarantees, it's one of the costlier life insurance policies.

Whole life insurance is an excellent option if you need long-term coverage, like if you have lifelong dependents or are a business owner. If you'd like to build a tax-free legacy for your dependents with little to no market risk, a whole life policy may be the way to go. You can find our guide on the best whole life insurance here.

Universal life insurance allows more flexibility than a whole life policy. You can raise or lower your death benefit, which increases or decreases your premiums based on your financial situation and needs. For example, if you find that you need less coverage because your children are grown up and your mortgage is almost paid off, you can lower your death benefit. As a result, this decreases your premiums. 

If you'd like lifelong coverage, steady cash value growth, and flexibility in your premium payments and coverage amounts to align with changing financial needs, universal life insurance could be the perfect policy for you. You can find our guide on the best universal life insurance here.

Variable life (VL) insurance policy, a type of permanent life insurance , was created years after universal life for people who didn't like how whole and universal life commingled their investments with the insurance company. 

Your money is invested in subaccounts that track underlying mutual funds, bonds, and stocks. If the market does well, so do you. If the market falls, so does your cash value, making it riskier than whole and universal life.

VL insurance is best for someone who wants control over how their cash value is invested and can tolerate increased market risk for higher returns. Since life insurance policies tend to yield subpar returns, VL may be best suited for high-net-worth investors who have maxed out other tax-advantaged investment vehicles (i.e., 401(k)s, Individual Retirement Accounts (IRA)s, etc.). 

Variable universal life (VUL) insurance is a combination of universal and variable life insurance. You can raise or lower your death benefit and have your cash value invested in subaccounts that mirror the performance of underlying investments. Again, this is risky, but if the market does well, so does your cash value.

Like a VL policy, VUL is best for those who want lifelong coverage, more investment options, and the ability to weather increased risk for higher returns. It's also suitable for those hat want flexible premium payments and coverage amounts. You can find our guide on the best universal life insurance here.

Simplified issue life insurance doesn't require a medical exam, but you still have to complete a health questionnaire and provide access to medical records. If you fail to disclose a condition and die, your insurance company can deny death benefits to your beneficiaries. 

It's worth noting that some insurance companies enforce graded death benefits, which refers to your insurer withholding your full death benefits for the first few years of coverage.

Simplified issue life insurance is suitable for applicants of all ages with mild to moderate medical conditions (e.g., asthma, obesity, mental health issues, etc.) You can find our guide on the best no exam life insurance .

Guaranteed issue life insurance is easier to obtain because it doesn't require a medical exam or health questionnaire. However, it has several drawbacks. One of those drawbacks is you must be 50 and older to apply. Plus, since this policy is catered towards high-risk applicants, premiums are usually higher, and coverage amounts are limited. 

Guaranteed issue life insurance is also known as final expense insurance since it offers low death benefit amounts and tends only to cover funeral and burial expenses. 

Guaranteed issue life insurance is a viable option for individuals who struggle to obtain traditional life insurance, like seniors, smokers, and applications with chronic, severe, terminal illnesses or multiple health conditions. You can find our guide on the best life insurance for seniors here.

Group life insurance is employer-provided life insurance, usually offered for free as part of the company's benefits. However, if you are discharged, retire, or quit, you will lose coverage. Plus, group life insurance usually has limited coverage amounts and options compared to private life insurers. 

Consider group life insurance if you're employed with a company that offers this benefit and you anticipate staying with the company in the long run. 

The best life insurance policy for you depends on your budget and financial situation. If you have a fixed income with temporary needs, term life insurance may be best for you. If you have health issues that may prevent you from traditional coverage, you may want to consider no medical examination life insurance . If you want coverage for your dependents in the event of your untimely death, then a term life policy works. If you want to build wealth and leave a legacy, a permanent life insurance policy is best.

Your life insurance needs will change as you age, and you'll need to consider children , marriage, divorce, retirement, and caring for aging parents. Consider consulting a financial advisor, estate attorney, and accountant to ensure you have the proper coverage for your goals and life changes. Also, talk to your insurance agent or financial planner about what works best for you and your budget based on your financial situation.

Term life insurance provides coverage for a certain period of time (usually ten to 30 years). Whole life insurance offers lifelong coverage along with a cash value component.

Many term policies have built-in term-to-perm conversion options. If not, you can include it as a rider or an add-on to your policy at an additional premium. This allows you to convert your term policy to a whole life policy without undergoing an additional medical exam or health questionnaire. 

Policies like variable life and variable universal life insurance insurance allow policyholders to invest the cash value in separate accounts that track underlying investments, This offers the potential for growth but exposes you to market volatility, increasing your risk. 

If you don't qualify for traditional life insurance, no medical exam policies like simplified issue or guaranteed issue may be an option. However, these policies tend to have higher premiums and lower coverage amounts.

Consider your financial goals, coverage needs, budget, and any current or potential health issues. Work with a financial advisor for personalized guidance on your individual situation.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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