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HSBC Key FIVE Critical Illness Cover

Frequently Asked Questions

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Am I eligible to take out the HSBC Key FIVE Critical Illness Cover?

To be eligible to take out an HSBC Key FIVE Critical Illness Cover, the Policy Owner, the Life Assured and Covered Child (if applicable) must be a Maltese resident. The minimum age is 18 years and the maximum age limit for taking out the Policy is 69. Moreover, your policy must end before the Life Assured turns 75.  The minimum term for the policy is 5 years and the maximum length of your policy is 50 years, which term is determined by the Policy Owner.

Each proposal/application is looked at on an individual basis and depending on various factors including the Life Assured’s medical history, eligibility is determined accordingly.

What critical illnesses are covered under this policy?

The Policy covers the 5 most common critical illnesses:

  • cancer
  • stroke
  • heart attack
  • coronary artery bypass grafting
  • kidney failure

Not all types of diagnosis are covered under the above critical illnesses and there are certain exclusions from cover as detailed in the Policy Terms and Conditions.

Does the policy include a death benefit?

The Plan incorporates a Guaranteed Life Assurance (GLA) of €2,500 which is paid out in case of death of the Life Assured within the duration of the plan as long as no pay-outs (including for the Child Cover) have been paid on the Critical Illness Benefit during the term of the Policy. The GLA cannot be increased.

Can children be covered under this policy?

Yes, the children of the Life Assured can be nominated to be covered under the Child Benefit within your policy at no extra premium. If the Covered Child is diagnosed with a critical illness that we cover under the policy, we would pay out the equivalent of 10% (maximum of €30,000) of the sum assured.

Further eligibility criteria and exclusions apply, so please refer to the Key Features Document and the Policy Terms and Conditions for more information.

Is there a minimum and maximum sum assured that I can take out under the policy?

Yes, the minimum sum assured is that of €40,000 with a maximum sum assured of €300,000. This also means that if a life assured holds multiple HSBC Key FIVE Critical Illness Cover policies an aggregate of €300,000 applies.

How much does the HSBC Key FIVE Critical Illness Cover cost?

Your premiums are based on a number of factors depending the circumstances of the Life Assured, for example:

  • the amount of cover you choose (the sum assured)
  • age
  • occupation
  • medical history
  • pastimes
  • whether the Life Assured smokes or not
  • the duration of the plan

Health and lifestyle factors are also important, including weight and family medical history of the Life Assured.

Therefore, we cannot give you with the exact premium without knowing the Life Assured’s circumstances. As each person’s circumstances are different, it’s important to get a quote for a more accurate idea of the price. Your HSBC Premier Relationship Manager or an HSBC Financial Planning Advisor, can help you work out the cover you require and provide you with a quotation for the cost of the cover.

This will be the premium you pay unless the circumstances of the Life Assured require us to increase your premium at underwriting stage.

Do I have to pay any additional fees or charges?

No. All costs of providing the plan are met within the premium you pay.

If you cancel the proposal/application after medical tests have been carried out and the premium quoted remains unchanged after the underwriting assessment, you will pay the lower cost of the medical tests or the premium.

How does the policy pay out the benefits?

The benefit payment is linked to the Severity Levels of the critical illness. The severity level is determined by pre-defined medical definitions allowing for multiple claims for different stages of illness progression.

The total amount, not including Child Benefit, that can be paid out under the Policy cannot exceed 100% of the original sum assured. In the case that multiple claims are paid out, and the remaining sum assured is lower than the Severity Level percentage only the remaining balance will be paid out upon a valid claim.

For Children’s cover one severity level applies for any Covered Critical Illness. This benefit can only be paid once, for each Covered Child.

For information and details about the applicable severity levels for each of the covered critical illness and related exclusions please refer to the Policy Terms & Conditions and Key Features Document.

Can I make changes to my policy?

You can ask us to make changes to your Policy in writing. If we agree, we’ll issue a Policy Endorsement or a revised Policy Schedule. Once the Policy is effective You cannot increase or decrease the sum assured. You also cannot change the Life Assured.

Please refer to Policy Terms & Conditions for further details as to what changes you are allowed to make or for any conditions applicable to your policy.

If You would like to affect an increase in sum assured, a new application for a new policy needs to be submitted and fresh underwriting will be required.

When does the policy terminate?

Your Policy will terminate on the earliest of any of the following:

  • payment of 100% of the sum assured
  • if your policy lapses due to non-payment of premiums
  • your policy becomes void
  • your policy is terminated under conditions as set out in the Policy Terms & Conditions
  • you cancel your policy during the cooling off period or at any other time
  • benefit end date
  • date of death of the Life Assured
  • 50 years from the Policy Effective Date
  • when the Life Assured turns 75 years of age or
  • on expiration of the 30 days cure period as set out in the Policy Terms & Conditions

You can terminate your policy by telling us in writing. Your policy will end on the next premium due date after receipt of your notification of termination.

If I need to make a claim, what should I do?

Claims should be made as promptly as is reasonably possible after the event that entitles you or your family to claim. In the unfortunate event of premature death or covered critical illness diagnosis, HSBC Life will assist you and/or your family through the claims process.

You, your heirs at law or appointed administrator can claim by contacting any HSBC Bank Malta p.l.c. Branch or directly through HSBC Life Assurance (Malta) Ltd.

Further information can be found in the Policy Terms & Conditions under 'How to Make a Claim' clause or by visiting clicking the 'Insurance' link and selecting 'Making a Claim' under 'More about life insurance'.

Do I have to pay tax on the benefits paid out?

The benefits payable under the policy are currently free from Maltese income and capital gains tax.

However, the tax treatment of the policy benefits may change in the future. Some countries may have tax legislation that has extra-territorial effect, and this may impact you regardless of your place of domicile or residence. We strongly recommend that you seek your own professional tax advice if you think that this may be an issue for you.

What happens if I have second thoughts?

After your proposal/application is accepted you will receive a Statutory Notice that explains your right to cancel the plan. By law, you then have 30 days in which to change your mind. If you cancel the plan during the Statutory Notice, we will refund your premium without interest. Refer also to the risk factors below.

What are the risk factors?

This information is not to be interpreted as advice. 

Not all types of diagnosis critical illnesses are covered and these are also subject to certain exclusions as detailed in the Policy Terms and Conditions. 

HSBC Life will not pay out if you and/or the Life Assured do not fully disclose any requested material information or provide inaccurate information prior to the commencement of the plan. You and/or the Life Assured must disclose all information as omission of information may result in a claim being rejected, policy being cancelled, and you and/or the Life Assured may encounter difficulties in trying to purchase insurance elsewhere.

If you stop paying premiums during the term of your plan, your cover will end 30 days from the date the last unpaid premium was due. You will not get back any premiums you paid. The plan will not pay out if a claim arises from an excluded condition. Full details of the standard definitions, exclusions and limitations are contained in the Policy Terms and Conditions. The plan will not pay out if the Life Assured is not diagnosed with one of the covered illnesses within the term of the plan.

This plan has no cash-in (surrender) value at any time.

Proposal/Application is subject to underwriting and the cover will only commence once we inform you that we have accepted the risk for life cover. The plan will only pay out on diagnosis and a valid claim of the Life Assured/Covered Child.

It is important that you read this information in conjunction with the Brochure, Key Features Document, Policy Terms & Conditions, Proposal/Application Form, Quotation and Policy Schedule.

How can I obtain a copy of the Policy product literature?

The Key Features Document and Brochure can be found on our website by visiting

A copy of the Policy Terms & Conditions is available on request, free of charge from HSBC Bank Malta p.l.c. or HSBC Life Assurance (Malta) Ltd.

Approved and issued by HSBC Bank Malta p.l.c, (116, Archbishop Street, Valletta VLT1444). HSBC Bank Malta is a public limited company regulated by the Malta Financial Services Authority and licensed to carry out the business of banking in terms of the Banking Act (Cap.371 of the Laws of Malta). HSBC is enrolled as a Tied Insurance Intermediary for HSBC Life Assurance (Malta) Ltd under the Insurance Distribution Act (Cap. 487 of the Laws of Malta).

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