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Coronavirus and your life insurance

first direct Life Insurance premium deferral provided by HSBC Life (UK) Limited.

If you’re struggling to make your life insurance monthly premiums due to coronavirus, we may be able to help you stay protected.

Our insurer, HSBC Life (UK) Limited, has introduced a premium deferral process for first direct Life Insurance customers

Your cover can continue during this period and your missed premiums will need to be repaid after 3 months. It is important that you consider your current and future circumstances when thinking about whether a premium deferral is right for you.

We have put together some FAQs, below, to help you understand the details of this premium holiday further.

Life insurance FAQs

Can I defer my Life Insurance premiums?

If you’re a first direct Life Insurance customer; your policy is currently active; you have made at least one payment and you’re the policyholder and are facing financial difficulty as a result of coronavirus, you can request to defer your monthly premiums for 3 months.

The information you provide will not impact on premiums for future insurance policies. Please see our Privacy Policy and your Important Information documents for more information about how we process your personal data and your individual rights.

To apply for a Life Insurance payment deferral call 03 456 005 852. Lines are open Mon-Fri 8am-6pm, excluding public holidays.

What happens after the 3 months have passed?

At the end of the payment deferral we will collect the missed premiums in the first reinstated payment (month 4). However, we understand that you may be in a situation where this is not possible, therefore we can discuss your options when we contact you in month 2 of your premium holiday. If you have any concerns at any point, please call us on 03 456 005 852. Lines are open Mon-Fri 8am-6pm, excluding public holidays.

Can I apply for more than 3 months premium deferral?

You can only request a deferral of 3 monthly premiums. If you need help for future premiums, you can talk to us. To apply for a Life Insurance payment deferral call 03 456 005 852. Lines are open Mon-Fri 8am-6pm, excluding public holidays.

Will I still be covered under my policy?

Should I cancel my direct debit?

No, you don’t need to take any action. We’ll automatically stop premiums from your account and then restart them at the end of the 3 months. After the premium deferral, your payments will be taken on the same date each month using your current payment method.

Will my life insurance policy be affected by coronavirus?

Will my life insurance policy still cover my outstanding mortgage balance if I have taken a mortgage payment holiday?

In the event of a valid claim, if you have a decreasing first direct Life Insurance policy this will cover your outstanding first direct mortgage balance regardless of whether or not you take a mortgage payment holiday – as long as the term and sum assured were in line with your mortgage borrowing when you took out your policy. Please refer to the Mortgage/Loan Protection section of your policy booklet for more details.

Can I still buy first direct Life Insurance?

We are currently unable to offer life insurance online to new customers. We can help provide life insurance for customers applying for a first direct mortgage. Please speak to your Mortgage Advisor or visit our life insurance page for more details.