Housing is one of the most basic and critical requirements in life. Whether it comes by means of investment in a plot or procuring an apartment, it secures the needs of our loved ones giving them shelter and a sense of pride. A key stimulant that backs our housing dream is a home loan. With a view to secure future repayments against uncertainties such as death or disability, insuring your housing loan by means of a mortgage protection plan is highly recommended.
About HSBC in Singapore
The Hong Kong Shanghai Banking Corporation or HSBC as popularly known is a multi-national banking and financial services company headquartered in London, U.K. The group serves over 51 million customers worldwide with a footprint in 73 countries and territories across the globe. HSBC finds its shares listed on the London, Paris, New York, Hong Kong & Bermuda stock exchanges held by about 216,000 shareholders.
The history of HSBC in Singapore dates back to 1877 with opening of its first branch in the country. It provides a massive range of banking and financial services in Singapore which includes Retail Banking & Wealth Management, Insurance Services, Investment & Private Banking, Capital Market Services to name a few.
HSBC offers Mortgage Protector under the insurance scheme for mortgage repayment. It is an exclusive insurance cover that pays for the home loan in case of any unforeseen events such as death or disability.
HSBC Mortgage Protector
A Mortgage insurance is one of the most sought after products in the market today to safeguard your home and family against uneventful situations such as death or disability as it takes care of the mortgage repayments. HSBC’s exclusive cover for housing loans, Mortgage Protector comes with affordable premiums along with a host of benefits and features.
Feature & Benefits of HSBC Mortgage Protector
Flexible Terms & Rates
Based on the term of your mortgage loan, one can sync with it by choosing a mortgage insurance term that can range from 10 to 40 years as coverage period. Flexible interest rates from 1 to 10% compliment the insurance cover.
Long Lasting Protection for your Mortgage
HSBC Mortgage Protector extends cover for your housing loan up to the age of 70 years which ensures lifelong security for your monthly mortgage payments.
Coverage for Total & Permanent Disability (TPD)
Along with death, TPD (Total and Permanent Disability) is covered up to the age or 65 or upon expiry of policy, whichever is earlier. Upon diagnosis of TPD, the insured will receive a lump sum amount of up to S$3 Million.
Joint Life Cover
If the mortgage loan is jointly owned by more than one member of the family, a joint life cover is available which provides a lump sum amount to pay off the mortgage in case of death or disability of any of the members.
Discounted Premium Payment
Under the Mortgage Protector plan from HSBC, premium payment stops 4 years before the end of policy term. This means you continue enjoying insurance benefits for rest of the policy period without having to worry about remitting premium for the balance term.
Extensive Payment Options
HSBC provides various options for payment of premium. Pay in monthly, quarterly, half yearly and yearly basis as per your budgeting convenience and continue enjoying cover on life and disability. In addition, you get a waiver on first month’s premium.
Compare HSBC Mortgage Insurance With Other Insurance Companies Offering Mortgage Insurance in Singapore
- AIA Mortgage Insurance
- NTUC Mortgage Insurance
- Great Eastern Mortgage Insurance
- Prudential Mortgage Insurance
- Tokio Marine Mortgage Protection
Frequently Asked Questions - HSBC Mortgage Repayment Protection Plan
- Does Mortgage Protector come with savings benefit? Does it acquire cash value over a period of time?
- Is medical underwriting mandatory for issuing the policy?
- I recently bought Mortgage Protector from HSBC. How do I keep a track of my payments?
- Is there a grace period for premium payments?
- Is there a free look period available with the mortgage insurance plan from HSBC?
Mortgage Protector is an insurance plan designed to secure your mortgage and future payments. It pays for the mortgage in case of death or disability. It does not acquire cash value during or after the policy term or extend savings benefits.
Yes. Medical and financial underwriting is a requisite for issuing a policy under Mortgage Protector from HSBC.
A detailed statement is mailed out at the end of every calendar year. In the interim, you can also contact the customer service department or visit the nearest branch for payment receipts or statements.
HSBC provides a grace period of 30 days from the payment due date. If the premium payment is not received within this period, the policy may be converted into premium holiday status or be terminated.
A free look (cooling off) period is available for the Mortgage Protector insurance plan. You can decide to cancel the policy and seek refund within this period. The premium paid minus administrative costs will be refunded upon cancellation.