Insurance is designed to protect you against the unforeseen, such as the COVID-19 pandemic, or help you plan for a better future. Some insurance plans may be mandatory, like care insurance if you drive, or home insurance if you have a mortgage. Other insurance plans are elective but equally important as they could protect you and your loved ones against the unexpected, such as an accident. You may not be able to insure yourself against everything, so how should you decide what insurance plan to take up?
A good place to start is to insure the things that you would find hard to cover or replace yourself. For example, you might find it very difficult to replace your main household income if you can't work due to an illness or injury. Especially as even physical illness or injury can have an emotional and mental impact on those around you.
At HSBC, we offer a range of insurance plans to suit your needs, whether you want to save for a rainy day, for retirement or for your child's education. These include insurance plans that cover life, critical illness, personal accident, travel, health, and home contents.
For more information about our products, explore our HSBC Insurance page.
Think about what you need and value most in your life. Is it your health? Your home? Your family travel? A family heirloom? Research what it would cost to protect them with insurance. Remember that all insurance costs money and so you will need to include these costs, or premiums, in your monthly budget.
It's also important to factor in any terms and conditions associated with an insurance policy, for example, any excess that would need to be paid in the event of a claim, existing medical conditions that should be declared, as well as any other exclusions.
Comparing insurance policies from different providers isn't always straightforward. It's important to compare all the elements that make up an insurance policy, including: