HSBC Life (UK) Limited has been announced as a signatory of the Protection Distributors Group’s (PDG) Claims Charter for 2025.
HSBC Life paid out £93m in life insurance and critical illness claims during 2024 with paid rates at 97.53% for life insurance and 94.44% for critical illness.
The average time to settle life claims was 19 days (this reduced further to 13 days in Q1 2025 thanks to the introduction of a new digital medical report provider) with 67% of claimants receiving a decision on day one.
For critical illness claims the turnaround time was 41 days (improving to 32 days in Q1 2025).
The Charter aims to ensure claimants have the best support with a caring, efficient and hassle-free experience and claims paid as quickly as possible.
That includes claimants having a named point of contact with regular updates provided to them.
Once claims are approved money should be paid within 72 hours and claims forms should be assessed within three working days and medical evidence within five working days.
Richard Waters, head of protection distribution at HSBC Life (UK), said: “Our priority is to support and offer care to our customers and their loved ones at such challenging times in their lives.
“Retaining full status with the Protection Distributors’ Group demonstrates our commitment to providing the highest standards of customer care and reinforcing the value of our proposition.”
