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Premier Worldwide Travel Insurance

Relax with HSBC Premier Worldwide Travel Insurance

Enjoy worldwide travel insurance for you and your loved ones.

Cover is provided by Aviva Insurance Limited. You must complete an application to be covered. Please read the  Premier Worldwide Travel Insurance Product Information Document (PDF, 152KB)  for a summary of terms, conditions, limitations and applicable exclusions.

For the latest coronavirus travel guidance, see  what’s covered under HSBC Travel Insurance .

If you already have Premier Worldwide Travel Insurance, find out how you can manage your policy or make a claim.

Premier Worldwide Travel Insurance is only available to HSBC UK Premier bank account holders. It is not available on savings or other accounts. Subject to application.

What's included

Worldwide cover for you, your partner, your dependent children and grandchildren.

The cover is for you (the HSBC account holder) and your domestic partner - if you're both under 70 years of age on the start date of your trip - and any dependent children or grandchildren travelling with you.

Your children are also covered if they're staying with a close relative, travelling with a relative who's over the age of 23, or going on a school/college trip independently with a teacher.

Children covered by this policy must be under 23. Grandchildren covered by the policy must be under the age of 23 and don’t have to live with you.

All insured persons must be residents of the UK, Channel Islands or Isle of Man.

To be covered for medical claims, you must be registered with a doctor in the UK, Channel Islands or Isle of Man.

Holidays in the UK

Holidays taken in the UK, Channel Islands or Isle of Man are covered if they involve a stay of at least 2 consecutive nights.

They must also have either of the following:

• pre-booked holiday accommodation in commercially-run premises 
• pre-paid bookings on public transport, including flights and ferries

Please see our definition of ‘pre-booked holiday accommodation’ in your policy document.

Business trips

You're covered to travel outside the UK in connection with an insured person’s job to carry out non-manual work such as administrative tasks, meetings and conferences.

We don't cover any claim in connection with an insured person’s job where the trip involves:

• manual or physical work of any kind
• working with children
• providing healthcare, policing, security or military service
• an insured person’s role as a politician, religious leader, professional entertainer or sportsperson

While this isn’t a specific cruise policy, cruises are covered as standard since they're simply another type of holiday. However, there is no cover for some items that cruise policies may specifically cover, e.g. missed ports, unused excursions, and change of itinerary.

Medical conditions

You'll need to call the HSBC Medical Risk Assessment Helpline on 0800 051 7457 before booking your trip if you, or any insured person, has in the last 12 months, experienced any of the following for a condition not on the accepted conditions list in your policy wording: 

• been prescribed medication, including newly prescribed or repeat medication
• received or is awaiting medical treatment, tests or investigations
• been referred to, or is under the care of, a specialist/consultant
• been admitted to hospital or had surgery

You must also tell us if any of the above happen regarding conditions you have already declared, if there are any changes to prescribed medication or if any of the conditions deteriorate.

All pre-existing medical conditions must be on the 'accepted conditions' list in your policy wording to be covered, otherwise they must be disclosed to and accepted in writing by the insurer.

What's not covered

Pre-existing conditions.

Pre-existing conditions are not covered at any time under the policy unless listed on the accepted conditions list, or were disclosed to and accepted in writing by the HSBC Medical Risk Assessment Helpline. You may be able to get cover for these from a specialist insurer. MoneyHelper has a list of these insurers – you can check its travel directory or call  0800 138 7777 .

Undiagnosed symptoms

Undiagnosed symptoms are not covered. There is no cover for any claim where you knew that you or your travelling companion may be unable to travel or may need to come home early at the time you opened your HSBC Premier Account or booked your trip (whichever is later). For example, if one of you fell ill.

Things to know

Are you eligible for premier worldwide travel insurance.

Please ensure you can answer yes to the following questions:

Do you hold an HSBC Premier account?

Are you under 70 years of age?

Are you resident in the UK (not including the Channel Islands or the Isle of Man)?

• Are any dependent children/grandchildren under 23 years of age, on the start date of the trip?  

Your application must have been accepted by HSBC for cover to apply.

When does the cover start and end?

Cover starts from the date your travel insurance application is accepted. It remains in place until the account is closed, its converted to a different account, you cancel your policy, or you are no longer eligible for cover – whichever is sooner.

How to make a claim

For details of how and when to make a claim, please visit our travel Insurance claims page.

Make a travel insurance claim

Policy documents

• Premier Worldwide Travel Insurance Product Information Document (PDF, 152KB) Premier Worldwide Travel Insurance Product Information Document (PDF, 152KB) Download
• HSBC Travel Insurance Policy Wording: HSBC Private Banking, HSBC Premier (retained Jade benefits), and HSBC Premier Accounts (PDF, 528KB) HSBC Travel Insurance Policy Wording: HSBC Private Banking, HSBC Premier (retained Jade benefits), and HSBC Premier Accounts (PDF, 528KB) Download
• Privacy Notice (PDF, 160KB) Privacy Notice (PDF, 160KB) Download
• Premier (retained Jade benefits) Travel Insurance Product Information Document (PDF, 257KB) Premier (retained Jade benefits) Travel Insurance Product Information Document (PDF, 257KB) Download

How do I find out if I already have travel insurance with my HSBC bank account? 

Premier Travel Insurance is available to HSBC UK Premier customers only. That means customers with an HSBC Premier bank account, an HSBC Premier (retained Jade Benefits) or an HSBC Private Banking account.

HSBC UK Premier customers:   You should have travel insurance with your account if you're under 70, are resident in the UK and have successfully completed an application

HSBC Premier (retained Jade Benefits) or an HSBC Private Banking customers:   You should have travel insurance with your account if you're under 80, are resident in the UK and  have successfully completed an application.

You can request confirmation of your travel insurance on Aviva's website at  aviva.co.uk/hsbctravelproof

Do you need to notify us before you use your HSBC debit or credit card outside the UK? 

No, you no longer need to notify us before you travel. To find out more about managing your money whilst you travel, see  using your card abroad .

I've lost my invitation to apply for HSBC Premier Travel Insurance. How do I apply? 

Call us on 03457 70 70 70 . We'll provide you with the link to apply once we've verified your account information.

Our lines are open 08:00 to 20:00 every day.

Do I have to apply for HSBC Premier Travel Insurance at the same time as I open my bank account? 

No. You can apply at any time as long as you meet the eligibility criteria and hold a Premier account.

You can call us on 03457 70 70 70 and we'll provide you with the link to apply.

You won't be covered if you don't complete a successful application.

Can I get help to complete my application for HSBC Premier Travel Insurance? 

If you need help, please call us on 03457 70 70 70 to make an appointment for a member of our team to complete the application with you over the phone.

I have a joint account. Can I complete the application for HSBC Premier Travel Insurance for both of us? 

Yes, although only one account holder should complete the application. If you don’t have permission to provide the other account holder’s details, you won’t be able to complete the application online and will need to call us on 03457 70 70 70 to book an appointment (for which both account holders will need to be available). Our lines are open 08:00 to 20:00 every day. 

When can my HSBC Premier Travel Insurance cover start? 

Assuming you're eligible, your cover will start as soon as you submit your application. 

When will I receive my HSBC Premier Travel Insurance policy documents? 

It can take up to a week to process your application and issue your welcome pack and policy documents. If you'd like to review your policy documents now, you can find them in the insurance section at hsbc.co.uk/legal . 

How can I get written confirmation I am covered by HSBC Premier Travel Insurance? 

If you need confirmation of your cover, you can request it on Aviva's website . If you applied for cover in the past 7 days, please call us on 03457 70 70 70 .

My HSBC Premier Travel Insurance mentions restricted cover. What does this mean? 

If your recent HSBC Worldwide Travel Insurance application displayed a restricted cover decision, this is because you, or someone to be covered by the policy, is either:

• not registered with a doctor in the UK; and/or
• has a pre-existing medical condition

There is no cover for any medical claims for anyone not registered with a doctor in the UK.

To change this please register with a doctor in the UK. Once registered, please read the ‘Your Health’ section in your Policy Wording for full details of when and what you must declare.

Anyone with a pre-existing medical condition not shown on the ‘Accepted conditions’ list in your Policy Wording will need to complete a screening. To do this please call the Medical Risk Assessment Team on 0800 051 7457 . There is no cover for any pre-existing medical conditions until this has been completed.

Explore more

See all insurance options, things to consider when booking a holiday, how to make an insurance claim, customer support.

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每次當您計劃出門旅遊時，「旅遊萬全保」都會為您和您的家人及親友提供保障，直至您們盡興而返。「旅遊萬全保」讓您每個旅程都輕鬆無憂，其全面的承保範圍包括意外受傷、醫療及住院費用、個人責任、行李及現金遺失、航機延誤及財物被竊等。

有關 新型冠狀病毒 下「旅遊萬全保」的保障查詢，請查閱 常見問題 。

提供周全保障，包括個人意外賠償額高達港幣200萬元，以及醫療費用賠償額高達港幣500萬元 

保障由惡劣天氣、罷工、恐怖活動或自然災難引起的指定損失 

所有受保人士，包括兒童均可享本計劃的全部保障 

您的手提電話提供高達港幣6,000元保障 

於2024年1月1日至12月31日期間（包括首尾兩天）申請：

• 「多程旅遊萬全保」可享首年保費7折
• 單次「旅遊萬全保」可享保費85折

受 條款及細則 約束。

比較「滙豐旅遊萬全保」計劃

查看 更多保障詳情 。此外，您亦可以投保全年適用的「多程旅遊萬全保」，獲享額外優惠：

• 只需一個保費，保障全年無限次旅程，每程最長可達100日
• 為您提供24小時的網上保單服務，無論任何時候，只需登入個人網上理財，即可隨時查閱保單，並申請保單服務。
• 若您經常到中國內地旅遊或公幹，您可在全年多程旅遊保障計劃附加「中國醫療卡」，以享指定醫院入院按金擔保保障

本計劃承保範圍一般包括：

我們將為您支付在旅途中必須的醫療費用及返回香港特別行政區後三個月內的跟進醫療費用，賠償額最高達港幣500萬元。如您的子女必須因您留院而返回香港，我們亦會為您支付因此而引起的額外交通和住宿費用。

運動及活動 [@sportsactivitiestravelsurance]

我們承保各種運動和活動，例如沙漠四驅車、滑沙、森林探索、出海觀鯨、溫泉、騎馬、吊車、攀爬冰川、觀看賽車、水上運動、滑雪、溜冰、踏單車及遊樂場內的各種機動遊戲等。

「旅遊萬全保」亦為某些高風險活動提供保障，包括乘坐熱氣球、綁繩跳崖、滑翔風箏、跳降落傘、溜索、激流划艇、快艇、水上電單車、攀山、滑水、花式滑水、無繩滑水、海上皮划艇、深水潛水（潛水深度不超過四十米）、登山及攀石等。

行李遺失或損毁賠償額最高可達港幣20,000元。如隨行的行李送遞延誤或誤送而令受保人抵達海外目的地6小時或以上仍未能取得行李，並因此須緊急購買基本衣物或必需品，可獲最高港幣2,000 元賠償。

旅程延誤及遺失重要文件

假如您的預定交通工具延誤超過6小時，可獲現金津賠最高港幣2,500元。或者，在標準計劃下，您可選擇購買另一張旅票以追上原訂的行程， 賠償金額最高可達港幣4,000元。 如果遺失重要文件（如護照），補領費用的賠償金額最高可達港幣5,000元。

• 「中國醫療卡」 (PDF)

您只需在入院登記處出示中國醫療卡及身份證明文件，便可於國內指定醫院接受治療而毋須預先繳付住院按金。每張卡的年費僅為港幣300元。

如受保人在香港特別行政區境外的地方不幸身故，並在旅程期間有任何以受保人持有的信用卡所簽賬的未付結餘，我們將代其繳付，最高港幣5,000元。

了解更多有關信用卡保障的詳情 (PDF)

有關詳情請參閱保單 (PDF)

本計劃承保範圍一般不包括：

• 暴亂、內亂、戰爭、入侵、內戰及一切相關危險事項
• 自殺、蓄意受傷、違法行為、神智失常、服用藥物、酗酒、性病或愛滋病
• 任何投保前已存在的病症
• 分娩、懷孕、流產、以接受診治為目的而旅遊
• 職業運動或同類賽事或有酬金的競賽或其他活動，包括獎金，捐贈，贊助或任何形式的報酬
• 深水潛水（潛水深度超過四十米）
• 航空活動，但以購票客身份乘搭認可航空公司或包機公司經營的飛機則不在此限
• 體力工作（如涉及使用機械和／或電子設備或需要處理爆炸性或有害物質等）
• 在旅程結束後31天內未能以書面通知安盛保險香港有限公司的索償事故

有關不受保項目的完整列表，請參 保單(PDF) 。

您須符合以下資格，才可投保「旅遊萬全保」：

• 必須為滙豐信用卡或滙豐戶口持有人
• 必須為香港特別行政區居民，並在香港境內申請旅遊萬全保
• 受保旅程出發和返回地點必須是香港特別行政區
• 必須持有香港身分證進行網上投保
• 注意以下兒童的年齡涵蓋：
• 如小童未滿18歲，必須在投保期間提供小童家長或合法監護人[@legalguardiantravelsurance]的資料
• 如小童未滿12歲，必須由成人陪同旅遊
• 若您想為你的配偶/伴侶[@partnerdefinition]、子女、親屬和朋友投保於相同的保單，您必須提供他們的資料
•   「旅遊萬全保」聲明、條款及細則 「旅遊萬全保」聲明、條款及細則 互動視窗連結
•   服務費用 服務費用 互動視窗連結
•   表格及文件下載 表格及文件下載 互動視窗連結
•   重要資料 重要資料 互動視窗連結
• 「旅遊萬全保」產品冊子 (PDF) 「旅遊萬全保」產品冊子 (PDF) 下載連結
• 「旅遊萬全保」保單文件 (PDF) 「旅遊萬全保」保單文件 (PDF) 下載連結
•   常見問題 常見問題 互動視窗連結
•   尋找分行 尋找分行 互動視窗連結

滙豐客戶可網上投保「旅遊萬全保」

您可親臨我們的分行了解更多

非香港身分證持有人可否投保旅遊萬全保？ 

只要您的行程由香港出發，並以香港為回程終點，非香港身分證持有人可以致電 (852) 2867 8678 或親臨任何一間香港的滙豐分行投保旅遊萬全保。如您希望透過網上投保，您需要持有香港身份證方可進行申請。

旅遊萬全保可以為小童提供保障嗎？ 

可以，旅遊萬全保可以為18歲以下的小童提供保障，而投保人必須在申請過程中提供父母或法定監護人的資料。

我能否為我的朋友或他們的子女購買旅遊萬全保？ 

可以，但在您開始投保申請之前，您需要確保您獲得受保人的全名、香港身份證號碼及出生日期資料。

如果我需要在緊急情況下尋求協助，應該怎麼辦？ 

您可隨時致電緊急支援熱線 (852) 2528 9333 尋求緊急醫療及撤離支援、旅遊資料、行李支援、醫療服務轉介、法律專業人員轉介及緊急票務安排。熱線支援英文、廣東話及普通話三種語言。

如果我身處外地，仍可以延長受保期嗎？ 

可以，您可在辦公時間內致電 (852) 2867 8678 或隨時登入滙豐個人網上理財管理您的保單及提出服務要求。請注意您可以在保單到期日前延長您的保單受保期限。

如果在受保期間，我需要在海外住院，卻不會說當地語言，應該怎麼辦？ 

如果您在海外生病或受傷，並需要翻譯員的協助，您可以致電緊急支援熱線尋求服務轉介，我們會為您支付每日高達港幣500元的服務費用，而每次旅程最多可獲港幣5,000元補助。

如果我準備乘搭的航班出現延誤，導致我未能按時登上接駁航班，應該怎麼辦？ 

如果您因為航班延誤，而延誤時間超過六小時，導致您需要乘搭另一班航班，我們會為您支付單程機票的全部或部分額外費用。亞洲標準計劃的受保人可獲得高達港幣2,000元的賠償額，而環球標準計劃的受保人則可獲得高達港幣4,000元的賠償額。

旅遊萬全保會為體育運動或活動提供保障嗎？ 

會，例如是野外探索、出海觀鯨、水上運動及滑雪等，甚至是更高風險活動，包括熱氣球、滑翔風箏及跳降落傘等，只要你不是職業運動員或從該項運動收取酬金，旅遊萬全保均可提供保障。

航空活動則為不受保項目，但購票乘搭由認可航空公司經營的持牌飛機則不在此限；另外，水深超過40米的水肺潛水亦不會受到保障。

有關旅遊萬全保的受保範圍，請參閱 完整清單 (PDF) 。

如我計劃前往的目的地獲發外遊警示，我可獲得哪些額外保障？ 

如外遊警示在您旅遊前或在旅程中發出，您可獲得以下的額外保障。

• 您可以取消您旅遊萬全保的單次旅程保單，並獲得全額保費及徵費退款
• 如果您的旅程因紅色外遊警示而取消，您可以獲賠償高達50%無法取回的預付訂金或相關款項。標準計劃受保人最多可索賠港幣50,000元，而基本計劃受保人則最多可索賠港幣25,000元
• 如果您的旅程因黑色外遊警示而取消，您可以獲賠償高達100%無法取回的預付訂金或相關款項。標準計劃受保人最多可索賠港幣50,000元，而基本計劃受保人則最多可索賠港幣25,000元
• 如果您的航班外遊警示而遭到無可避免的延誤，受保期可免費自動延長10天。
• 如果您的旅程因紅色外遊警示而取消，您可以獲賠償高達50%任何未使用且無法取回的預付款項及額外的旅遊相關費用。標準計劃受保人最多可索賠港幣50,000元，而基本計劃受保人則最多可索賠港幣25,000元
• 如果您的旅程因黑色外遊警示而取消，您可以獲賠償高達100%任何未使用且無法取回的預付款項及額外的旅遊相關費用。標準計劃受保人最多可索賠港幣50,000元，而基本計劃受保人則最多可索賠港幣25,000元
• 如果因黑色外遊警示，導致交通中斷並影響預定行程，您可額外獲得港幣1,000元的補助

我可以就在旅遊期間所支付的醫療費用提出索償嗎？ 

可以，只要接受治療的狀況不是投保前已存在的病症，在海外的醫療費用支出可受到旅遊萬全保保障。

您也可能對以下內容感興趣

我們的家居財物保險「家居超卓萬全保」可按您的需要度身訂造，讓您自由自在享受生活，不必為珍貴財物勞心。

保障您本人和家屬的綜合保險，以免遭遇人身意外時帶來財政緊張。

助您應付突如其來的醫療支出及危疾。 

一般保險計劃只適用於滙豐客戶。

上述資料僅為摘要，有關詳盡條款及細則，以及不受保項目細則，概以保單內文為準。

以上保單由 安盛保險有限公司（「AXA安盛」） 承保，AXA安盛已獲香港保險業監管局授權並受其監管。AXA安盛將負責按保單條款為您提供保險保障以及處理索償申請。香港上海滙豐銀行有限公司乃根據保險業條例（香港法例第41章）註冊為AXA安盛於香港特別行政區分銷一般保險產品之授權保險代理商。一般保險計劃乃AXA安盛之產品而非滙豐之產品。

有關與滙豐於銷售過程或處理有關交易的金錢糾紛，滙豐將與您把個案提交至金融糾紛調解計劃；此外，有關涉及閣下保單條款及細則的任何糾紛，將直接由AXA安盛與您共同解決。

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Best travel insurance companies and policies 2024

In this article

How do you find the best travel insurance?

Best travel insurance policies, best travel insurance: companies and policies compared.

• What's the best type of travel insurance?
• How can I save money on travel insurance?

How much travel insurance cover do I need?

How to compare travel insurance companies, why there are so few best buy policies.

The best travel insurance can't stop things going wrong on holiday, but it can prevent problems – medical issues, cancellations, delays or losses – from having a huge impact on your finances.

Our experts compared over 50 travel insurance companies, scrutinising hundreds of policies, each with more than 60 areas of cover. 

We've assessed information on medical expenses, Covid cover, flight cancellation, compulsory excesses and many other factors to bring you our Best Buy travel insurance policies.

Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of an insurer before committing to any financial products.

Compare travel insurance deals

Check Which? insurance ratings and compare deals using the service provided by Confused.com

We looked at 56 travel insurers, comparing more than 160 policies. See our results in the table below.

We rated six policies as Best Buys – here are the three highest scoring:

NFU Mutual - Home and Lifestyle

• 81% policy score - 2nd out of 161 policies rated. 

We like: NFU Mutual was one of a minority of providers that will pay out if your holiday supplier or airline goes bankrupt. It is one of only two providers that applies its excess (£50) once per claim (rather than per person) – which could save hundreds if you're travelling as part of a group. 

We don't like:  NFU Mutual's travel insurance policies are only available to customers who also hold NFU Mutual home insurance . 

• Read our full NFU Mutual travel insurance review.

All Clear travel insurance - Platinum

• 79% policy score -  joint 7th out of 161 policies rated. 

We like: All Clear was the highest-scoring medical specialist insurer in our analysis. Its policy covers outbound, connecting and returning flights that you miss because of delays. Missed flights cover was available in more than 90% of policies we checked – but only half of policies covered the full round trip.

We don't like:  If your holiday company or airline goes bankrupt and you have to cancel the holiday, you won't be able to claim on the insurance for lost costs. 

• Read our full All Clear travel insurance review.  

Insure and Go - Black

• 77% policy score - joint 10th out of 161 policies rated.

We like:  If you're covering a very expensive trip, the Black policy has one of the highest cover limits for costs if you have to cancel – £10,000. You also don't pay excesses.

We don't like:  If you have a dental emergency while travelling, you can only claim up to £250. As with All Clear's policies, you can't claim if your travel company or airline goes bust.

• Read our full Insure and Go insurance review .

Here's the full details of our findings in the tables below – to access each table, use the 'Select a table' dropdown below.

• The 'Best Buys' table shows the policies that meet our exacting Best Buy criteria . When choosing these, we check for key features of cover as well as data on complaints and claims acceptance rates. 
• The other tables show the top-scoring policy from every provider we've rated. Of all policies reviewed, scores ranged from 83% to 29%.

We've also written comprehensive reviews of the best 16 insurers overall – just click on the links in the table to read them.

Best Buy policies

Table note:  All ratings are for policies available to new customers, and the details were gathered in a survey carried out in April 2023. The information should be considered correct to then. We will next update our policy scores in June 2024. See our full methodology .

For insurers outside our 'Best Buys' list, we've only included the provider's best scoring policy. However, they might offer other policies with fewer features, often at a lower price. We've still scored these policies: find the scores in our individual travel insurer reviews, which cover the biggest and best brands.

If a brand isn't listed in the table it means it didn't take part in our survey and hasn't been reviewed.

  What's the best type of travel insurance?

When picking travel insurance consider the number of foreign trips you'll make over the next 12 months, where you'll go and who with.

• Single-trip and multi-trip (annual cover) Single-trip insurance is aimed at people who are making a single, one-off journey. Multi-trip (annual) provides ongoing cover for 12 months. If you take 3 or more trips per year, multi-trip (annual) is likely to work out cheaper, and you don't have to tell the insurer when or where you're travelling.
• European, worldwide and USA cover European-only cover is usually the cheapest type and worldwide including USA (and often the Caribbean) is the most expensive due to high medical costs. If you've no intention of going to these destinations over the next 12 months, save money by buying worldwide cover that excludes them.
• Individual, couple or family cover You'll have the option to choose how many people to cover under a single policy, although if a member of your party needs specialist cover due to age or health, costs may change.
• Specialist insurance options If you have more specific requirements, for example due to age, or type of holiday, we've assessed the best options for you below. Best cruise insurance • Best travel insurance for over 60s • Best travel insurance for medical conditions • Best ski insurance
• Unexpected events cover Your policy  may include cover for unexpected events, like bankruptcy of the holiday supplier, strikes, civil unrest and more. We've listed which providers' policies have the best unexpected events cover providers.

  How can I save money on travel insurance?

What you'll pay for travel insurance varies hugely by where you're going and for how long.

Take these average quotes, collected for us by Confused.com , for a couple of 50-year-olds with a joint policy:

Source: Confused.com, based on average quotes from 1 January 2023 to 20 November 2023

These are averages, and so you're likely to pay:

• Less if just buying cover for yourself
• Less if you're younger than 50, or more if you're older than 50
• More if you have a pre-existing medical condition

Whatever your situation, chances are you can reduce costs by comparing travel insurance. An annual policy may work out cheaper if you travel multiple times a year.

When should you buy travel insurance?

You should buy travel insurance on the same day you book your holiday.

One of the best features of travel insurance is that it covers you if you're unexpectedly forced to cancel the trip and stand to lose money as a result.

If you leave buying your insurance until the last minute, you won't benefit from this protection, even if some providers might make it slightly cheaper.

With this in mind, you should buy your insurance as soon as you book your holiday – unless you already have annual cover in place.

Should you buy travel insurance from the tour operator or airline?

When you buy your holiday, whether that's through a traditional package provider or a budget airline, you're likely to be offered insurance at the same time.

But cover offered as an add-on to your trip is unlikely to be tailored to your needs and could be more expensive. Always check the wider market to see if you can get better cover for less.

If you do buy add-on insurance, make sure it covers any medical conditions that you have.

Do you already have insurance?

Some packaged bank accounts come with travel insurance as a sweetener, so if you have a packaged account, check whether cover is included.

If you do have travel insurance with your bank account, check its terms carefully and make sure it meets your needs. Does it cover you for trips outside Europe? Will it cover your medical conditions?

If it doesn't, call your bank to see if you can add the cover you need or look for a standalone policy that meets your needs.

You might also have some of your insurance needs met if you have personal possessions cover with your home contents insurance . These policies often protect things you carry on your person (such as gadgets or jewellery) around the world, from loss, damage or theft.

Do you need travel insurance if you have an Ehic or Ghic?

Yes, you still need travel insurance. A Global Health Insurance Card (Ghic) – the replacement for the Ehic – is a medical card that can be used throughout the EU. It entitles you to treatment in state hospitals for the same price paid by the residents of the country you're visiting. If they get free treatment, so do you.

But it won't cover the costs of medical transportation (for example ambulance bills or being flown back to the UK where medically needed), alongside costs of cancelling your holiday or returning early, replacing lost and stolen possessions, and many other things - that's what travel insurance is for.

• Find out more:  The Ehic and Ghic explained  

While it can be tempting to get the cheapest cover you can find, this could prove a false economy. Everyone's specific cover needs will be different, but as a starting point, we recommend looking for policies with these minimum levels of cover:

• Medical expenses:  £5 million
• Cancellation cover:  £2,000 – or the full cost of your holiday (which may be higher or lower)
• Personal belongings: £1,500 – or the value of your possessions
• Personal liability cover: £1 million.

Many sports won't be covered as standard, such as skiing and snowboarding , so you'll need to get cover that includes this, or add it on for a fee.

Cruises requre a special type of cruise insurance. If you're considering working abroad, or spending a couple of months abroad, you may need 'backpacker insurance'.

1. Check our tables and reviews

Our experts have assigned each travel insurance policy a policy score, reflecting how comprehensive, overall, the cover is.

It's important to remember, however, that travel insurance is complex – so even providers with high policy scores won't necessarily cover everything you're looking for. For a more detailed look at some of the larger and higher-scoring providers, see our individual travel insurer reviews.

2. Get a travel insurance quote

While looking at our reviews, you can get a quote for travel insurance using the service provided by Confused.com.

You might be able to save by using multiple comparison sites. 

Some insurers don't sell through comparison sites, including NFU Mutual and Direct Line , and specialist medical insurers .

Both the government's MoneyHelper website and the British Insurance Brokers Association have directories of such insurers.

An insurance broker can find affordable cover for unusual scenarios that most insurers won't cover.

3. Check the T&Cs

Before you buy, check the policy wording to make sure you understand what your policy covers, and what it doesn't.

If there are specific reasons you've bought the cover, check these sections to make sure they meet your expectations. Also check the policy's general exclusions and conditions. If anything in the policy is unclear, contact the insurer.

Finally, check what protection your holiday provider offers, because if something goes wrong, you might need to seek compensation from it first before your insurer will accept your claim.

Check you're getting a great deal and search for a new travel insurance policy using the service provided by Confused.com. Get a quote now

Dean Sobers, Which? insurance expert says:

'In our tables, you'll see dozens of products brimming with features and high levels of cover – but just six Best Buys. 

'Unfortunately, it comes down to the difference between what a policy promises on paper, and the depressing reality that we see in the claims statistics. Roughly a quarter of claims made on single-trip and annual European policies were declined by travel insurers in 2022 (the latest stats available). With most kinds of insurance, payout rates are above 90%.

'Not all travel insurers are the same: some – including our Best Buys – were markedly better in this data than others. But a large number of candidates clearing all other hurdles in our analysis fell flat when we reviewed their claims acceptance rates and the numbers of their claimants who'd lodged complaints.

'We'd love to be able to recommend a much wider selection of policies, as we all have different requirements and budgets when shopping around for travel insurance. Hopefully, we'll see insurers do better in future. In the meantime, the best way to avoid disappointment is to be reasonably familiar with the policy's T&Cs when you buy it, as policy exclusions are the most common single reason claims get turned down .

'Each section of a policy wording document (for example, cancellation or delay cover) will include its own exclusions. You'll also need to check the policy's section that details 'general' exclusions and conditions that apply across the policy.'

Frequently asked travel insurance questions

Does travel insurance cover cancelled flights.

This depends on whether you can no longer make your flight or the airline has cancelled it.

If the airline cancels your flight, it is generally their responsibility to find an alternative flight or to give you a full refund.

If you can no longer make your flight, perhaps due to illness or accident, then it is not the airline's responsibility. If you have taken out a travel insurance policy and depending on the reason you can no longer fly, you may be able to claim some of the flight costs back. 

You should also check the airline's conditions of carriage if you are going to miss your flight last-minute to see whether you can be moved to an alternative flight.

Can I buy travel insurance after departure?

Yes you can - but you'll need to get a special type of policy called 'post-departure insurance'.

Unfortunately, you're likely to pay more and get less cover than if you had bought standard travel insurance.

Post-departure insurance won't cover incidents that have already happened, such as a delayed flight on the way out. It generally applies from the day after buying, not the same day.

Even though you'll need to cover fewer days, the specialised nature of post-departure insurance means it's likely to cost more per day and overall.

The best approach is to buy standard travel insurance on the same day you book your holiday. Although the insurance only needs to cover the dates of your holiday, from the moment of buying it you'll be covered if, for instance, you need to cancel your trip.

Can I get travel insurance if I'm pregnant?

You can get travel insurance if you're pregnant, especially if your trip is less than 28 weeks into your pregnancy.

Many insurers still offer cover for trips after that point, but check with them before buying, and bear in mind airlines may request extra details such as a letter from your doctor.

Pregnancy is not considered a pre-existing medical condition so you shouldn't have to tell your insurer or pay more.

Standard travel insurance will cover emergency medical care, but ask insurers if antenatal care after premature births will be covered, or cancellation due to pregnancy-related complications.

In general, travel insurance won't pay out if you cancel a trip simply because you're pregnant - it's worth asking airlines and accommodation providers if you can reschedule.

Do I need travel insurance for the UK?

Potentially, depending on the type of trip you've booked.

Many travel insurers will cover the UK; if you have an annual policy check if it includes UK travel.

The main advantage of travel insurance for the UK is cover if you need to cancel your trip (such as because of illness) or lose baggage.

In general, travel insurance only covers paid-for accommodation, sometimes with a minimum duration. So stays with friends and family wouldn't be covered.

Nor will you need travel insurance for medical cover, due to the NHS - though visitors to the Isle of Man and Channel Islands may need insurance for repatriation to the mainland.

Your home contents insurance may cover personal possessions outside the home, but you may have to pay high excesses.

Do I need travel insurance for Europe?

Yes, travel insurance is essential for European holidays. 

The European Health Insurance Card (Ehic) and Global Health Insurance Card (Ghic) only entitle you to public medical care at the price locals pay.

That's only in the EU, Switzerland and a few other countries however, and won't cover associated - and very high - costs such as for rescue from ski slopes or repatriation to the UK.

Nor will the Ehic and Ghic cover cancellations or lost baggage, unlike the best travel insurance policies.

• Find out more: The Ehic and Ghic explained  

Does travel insurance cover cruises?

Some, but not all, policies will offer specialised cover for cruises.

In some cases cruise cover will be an optional add-on.

This includes scenarios such as being ill and confined to your cabin, missing your departure during an excursion, or the intinerary being changed. 

We've listed which policies cover cruises and how good they are in our guide to the best cruise insurance .

Does travel insurance cover skiing?

As with cruises, this depends on your policy.

Winter sports cover may be included as standard within your travel insurance, or as an optional add-on.

It should cover scenarios such as piste closure, avalanche delay and air ambulance rescue from the slopes.

We've listed which policies include or offer winters sports cover, and rate that cover, in our guide to the  best ski insurance .

Are you covered for Covid?

Covid isn't the menace to travel that it was a year or two ago, but it's still around and retains the potential to scupper your plans.

Fortunately, all policies we examined provide at least a basic level of Covid cover - covering you if you get ill while travelling and require emergency medical care or medical repatriation to the UK.

Some 98% of those we checked also cover cancellation costs if you can't travel because you're ill with the virus.

From here, the degree of Covid cover varies significantly between policies - meaning you can't make assumptions about what's covered and should check very carefully if Covid cover is a priority for you. 

Of the policies we analysed, fewer than one in ten will pay if your hotel closes because of Covid and you can't get your money back. 

And only a handful of providers cover you if you choose to cancel your plans because the FCDO advises against travel to your destination due to Covid. At the time of our analysis in April 2023, these were:

• Direct Line
• M&S Bank
• Nationwide Building Society

How do I claim on my travel insurance?

For emergency medical claims, your travel insurer will have a 24/7 phone line. It's worth saving the number if your phone prior to travelling.

To make other claims, you may be able to claim by phone and/or online. Don't leave it more than a couple of weeks to claim, as there may be time limits.

• Find out more: How to claim on your travel insurance   

What medical conditions do you have to declare for travel insurance?

Any current or recent medical conditions that haven't been disclosed to your insurer will almost certainly be automatically excluded from your policy. 

In recent Which? research, we found that pre-existing medical conditions were the second most common reason for claims being turned down.

When you declare a condition, you'll go through a medical screening process where you give the insurer information about your medical history. When you buy insurance by itself, this will usually form part of the application process. 

With some providers (for example where the cover is included with a holiday or a bank account), you'll need to contact the insurer separately to have the conditions added. If you're uncertain about what needs to be declared, it's best to contact the insurer. 

• Find out more:  Best travel insurance if you have a medical condition  

How else can you protect your holiday?

Travel insurers only expect you to claim with them if you've been unable to recover your money through other channels.

Book with a Which? Recommended holiday provider

If a package holiday firm cancels your holiday, or airlines can't fulfil flights, you're entitled to a refund by law.

Unfortunately, in the wake of Covid, not all travel providers fulfilled their legal obligations. For peace of mind, opt for one of our Which? Recommended Providers .

• Find out more:  Your legal rights with package holiday companies

Atol protection

If you buy a package holiday that includes flights from an Atol-protected firm, you'll get your money back if it goes bust. You'll also be repatriated if this happens while you're on holiday.

Your credit card provider

If you can, pay for your holiday with a credit card .

If you pay with a credit card for services costing more than £100 and less than £30,000 that aren't provided as advertised, you can claim the money back from your card supplier if the seller (ie the holiday company) won't refund you.

• Find out more:  Section 75

Banks have similar schemes to help you recover money for services that haven't been fulfilled as paid for. These are known as chargeback.

Chargeback can be used to recover debit and prepaid card payments, as well as credit card payments below £100.

Banks aren't legally bound to do this in the same way as credit card providers are under Section 75, so you should always pay for amounts over £100 with a credit card if possible.

How we analyse travel insurance

Our editorial independence means we are able to work on behalf of consumers, not insurers. That means our reviews are fair and there's no hidden agenda.

Policy score

The policy score rates how comprehensive the cover is in a policy – the higher the better.

We've looked at 161 policies, examining 67 elements of cover in each.

Policies are given points for each element of cover, reflecting how competitive their cover is compared with what other policies offer. The policy score shows how well the policy did overall. 

Based on our assessment of which elements are more or less important for customers choosing and using travel insurance, we adjust the impact that points earned in each area has on the overall policy score.

Among the highest-weighted elements are medical expenses cover, cancellation cover and the compulsory excesses on the policy.

How we pick Which? Best Buys

Our 'Best Buy' badge recognises the individual products that stood out as being the most comprehensive in our analysis. 

It doesn't reflect customer service. However, we do look at claims statistics published by the Financial Conduct Authority and complaints data from the Financial Ombudsman Service, where these are available. We won't give a Best Buy badge to providers shown to reject higher than average numbers of claims or that have a poor track record when it comes to complaints.

Policies named as Best Buys did well in our analysis of cover, with a policy score of at least 66%.

Additionally, Best Buy policies scored well consistently across different areas of cover. To make the cut, a policy needs to have scored at least three out of five points in two thirds of the features we compare (see 'Policy score' for more).

Lastly, all Best Buy policies must provide - either as standard or as an option - the following levels of cover as a minimum:

• £5m cover for medical expenses - with emergency medical repatriation and some cover for emergency dental treatment
• £2,000 cancellation and travel abandonment cover - including cancellation in the event that the Foreign, Commonwealth and Development Office (FCDO) advises against travel to your destination country because of civil unrest, war, terrorism or natural disaster after you've insured your holiday
• Cancellation cover because of the illness, injury or death of a close family member or a person you were planning to stay with; cover for travel delays - including cover for missing your outgoing or returning flight due to delays
• £1,500 cover for baggage
• £2m personal liability cover

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More questions on travel insurance? Take a look at our guides:

• Best travel insurance for pre-existing medical conditions
• Best travel insurance for seniors
• Best cruise insurance
• Best ski insurance
• The Ehic and Ghic explained  
• Golf travel insurance explained  
• How to claim on your travel insurance

Compare travel insurance

Find the right policy for your holiday using the service provided by Confused.com

Travel insurance reviews

• All Clear travel insurance review
• Admiral travel insurance review
• Avanti travel insurance review
• Avion travel insurance review
• Aviva travel insurance review
• Barclays travel insurance review
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All HSBC credit cards are compatible with Apple Pay®, Google Pay TM , Fitbit Pay TM , Garmin Pay TM and Samsung Pay TM .

1 HSBC Premier World Mastercard® requires a U.S. HSBC Premier relationship. For a complete list of HSBC Premier Relationship eligibility requirements please visit  https://www.us.hsbc.com/premier/  or speak with your Relationship Manager.

2 The 35,000 Rewards Bonus Points offer applies when you open a new HSBC Premier World Mastercard® credit card and charge the qualifying amount or more in new purchases (minus returns, credits and adjustments) within the first three (3) months from Account opening (“Promotional Period”). The Bonus Points offer does not apply to account upgrades, account transfers, balance transfers, credit card checks, cash advances or overdrafts. Your HSBC Premier World Mastercard® credit card must be open and in good standing at the time of Bonus Points fulfillment. Allow 4-6 weeks after the Promotional Period has ended for the Bonus Points to post to your Account. Customers who have opened the same credit card product within the last 36 months are not eligible to receive the Rewards Program Bonus Points offer.

3  As an HSBC Elite or HSBC Premier credit cardholder, you do not need to enroll or register for the Mastercard Travel Rewards program. This program is available to you automatically, at no additional cost. Merchants may provide to eligible HSBC Elite and HSBC Premier Mastercard credit cardholders (“cardholder”) certain discounts, rebates or other benefits on the purchases of goods and services ("Offers") that will be available on the Mastercard Site. Merchants may also have different payment acceptance criteria for online purchases (e.g., debit or prepaid cards may not be accepted). Such Offers are subject to certain Terms & Conditions and may change at any time without notice to you. Payment acceptance criteria is determined by the merchant in its discretion and may be visible on the Merchant website. HSBC or Mastercard will not be liable for any loss or damage incurred as a result of any interaction between you and a merchant with respect to such Offers. Except as set forth herein, all matters, including but not limited to delivery of goods and services, returns, and warranties are solely and strictly between you and the applicable merchants. You acknowledge that HSBC or Mastercard does not endorse or warrant the merchants that are accessible through the Mastercard Site nor the Offers that they provide. If applicable, all offer redemption is dependent on merchant shipping policies and availability to cardholder's shipping address. For all offers that are specified as “unlock additional online offers” cashback is not earned on shipping, handling, tax or the purchase and/or use of gift vouchers, which for avoidance of doubt, includes gift cards, gift certificates, or any other similar cash equivalents. Terms and conditions apply, see https://www.us.hsbc.com/credit-card-resource-center/premier/#rewards for additional information.  All third party-trademarks are the property of the respective owners.

4  Certain restrictions, limits and exclusions apply. Visit https://www.lyft.com/mastercard for a full list of current merchant offers and applicable terms & conditions.

5  The information about the costs and benefits of the card described is accurate as of {{currentDate}}. The information may have changed after that date. To find out what may have changed, call 888.662.4722 (HSBC). A variable Purchase APR applies to credit card purchases and will be 21.24% to 25.24%, depending on your credit worthiness, for the HSBC Premier World Mastercard® credit card . A variable Balance Transfer APR applies to balance transfers and will be 21.24% to 25.24%, depending on your credit worthiness. The variable Cash APR applies to cash advances and is 30.24%. These APRs will vary with the market based on the Prime Rate. For each billing cycle, variable APRs are calculated by adding a specified amount (“Spread”) to the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal that is in effect on the last day of the month (“Prime Rate”). If the Prime Rate changes, the new APRs will take effect on the first day of your billing cycle beginning in the next month. The Minimum Interest Charge is $1.00. A Balance Transfer Fee of either $10 or 4%, whichever is greater, will apply on each balance transfer. A check fee of either $10 or 4%, whichever is greater, will apply on each check written for purposes other than Balance Transfer. A Cash Advance Fee of either $10 or 5%, whichever is greater, will apply on each cash advance transaction. There is no Annual Fee and no Foreign Transaction Fee. See Summary of Terms for details .

6  Certain restrictions, limits and exclusions apply. Benefits may not be offered in every state. Coverage may be underwritten and managed by companies that are not affiliated with Mastercard® or HSBC Bank USA, N.A. Please refer to the HSBC Premier World Mastercard® credit card Rewards and Benefits brochure and Mastercard® Guide to Benefits brochure, for full details.

How you earn Rewards Program Points or Cash Rewards : You earn Points or Cash Rewards when you use your card to make new purchases (minus returns, credits and adjustments).

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HSBC credit cards complimentary travel insurance

Hsbc credit cards that offer complimentary travel insurance can help you save on the cost of overseas trips – so how much cover can you get.

In this guide

Which HSBC credit cards have complimentary travel insurance?

What's covered by hsbc complimentary international travel insurance, what do i need to do to use hsbc's credit card international travel insurance, pre-existing medical conditions, how to make a claim through your hsbc credit card complimentary international travel insurance policy, other types of hsbc complimentary credit card travel insurance, hsbc credit card complimentary insurance for shopping, other hsbc cards with complimentary insurance options, frequently asked questions.

HSBC offers complimentary insurance across its range of credit cards, including domestic and international travel insurance on HSBC Platinum and World Mastercard credit cards. The actual policies are underwritten by Allianz Insurance Australia (Allianz) and can be different based on the HSBC credit card you choose.

Like any insurance policy, there are terms and conditions you need to meet to get the cover and have your claims approved. The insurance policy booklet has complete details, so it's always good to keep that handy. But if you just want a quick guide of the cover you'll get, including what's available in a pandemic, we've got the key details here.

Have a question or need to make a claim right now? Call Allianz Insurance on 1800 648 093 (from Australia) or +617 3305 7499 (from overseas).

HSBC offers complimentary travel insurance to people with platinum and World Mastercard credit cards, as well as other types of insurance on other cards. Here are the key details for HSBC cards currently on the market.

Have an HSBC credit card that's not on this list? Check the terms and conditions available on the HSBC website to see if your card is eligible.

HSBC credit card travel insurance can give you cover for overseas trips of up to 4 months if you need to go to hospital overseas, miss flights because of delays, have your luggage stolen and for other situations that can leave you out of pocket.

The actual cover is broken down into "benefits" based on what you can and can't claim. Some claims also have an excess you need to pay before you'll get any money if a claim is approved.

Does HSBC complimentary credit card travel insurance cover pandemics?

Yes, some cover is available for COVID-19 and other pandemics or epidemics, including for cancellation and overseas emergency medical claims. There are very specific conditions you need to meet to make a claim, so it’s important to read the HSBC complimentary insurance policy document or call Allianz on 1800 648 093.

If you want more details about COVID-19 travel insurance, Finder also has a whole guide covering questions about pandemic and travel insurance .

Here, we've broken down the different types of claims, with an example of a situation when you might use the cover. But remember: You should always read the insurance policy booklet for complete details of the cover.

Medical, dental and emergencies cover with an HSBC credit card

Hsbc complimentary international travel insurance for cancellation, delays, accommodation and transport, luggage and personal items cover offered with hsbc credit card complimentary insurance, personal liability cover offered with hsbc complimentary credit card travel insurance, hsbc credit card complimentary international travel insurance for death and funerals, what's not covered.

Every insurance policy has details of when you will and won't get cover. These details can be very specific, which is why it is important to always check your insurance policy documents.

• Pre-existing medical conditions (unless you have got written confirmation from Allianz that your condition will be covered before you leave)
• Issues related to drinking alcohol or taking non-prescription drugs
• If you don't follow advice from any government, official body or mass media announcements
• Travel that's for the purpose of medical treatment
• If you're a crew member or pilot working on any of the transport
• Dangerous activities including rock climbing (with equipment), white water rafting, bungy jumping, off-piste snowboarding or skiing and quad or motorbike riding on a vehicle that has an engine capacity of 200cc or more

If you need cover for a skiing trip, bungy jumping or other overseas adventures, check out adventure sport travel insurance costs and conditions. Got a pre-existing health condition? Check out travel insurance policies that offer cover for conditions including asthma, high blood pressure and physical disabilities.

If you're planning a trip and want cover through your HSBC credit card, you'll need to meet the following requirements:

• Travel bookings. You need to use your eligible HSBC credit card to pay for at least $500 of your travel costs before the start of the trip. A simple way to meet this requirement is to pay for your airfares, cruise or hotel stays with the card. You also need a return ticket before you go.
• Australian residency. You need to permanently live in Australia.

Does HSBC credit card travel insurance cover family members?

Yes, if you meet the eligibility requirements for cover on an upcoming trip, your spouse and dependants (children) can get cover under this policy when they're travelling with you for at least half of your trip and meet the following requirements:

• They need to permanently live in Australia.
• At least $500 of their pre-paid travel costs have been paid for with your eligible HSBC credit card and they have a return ticket to Australia.
• They need to be travelling with you for at least 50% of your trip.

They also need to meet all the other conditions of the insurance policy.

Need written confirmation of cover? Call Allianz on 1800 648 093.

This complimentary international travel insurance doesn't typically cover pre-existing medical conditions.

In simple terms, that means you won't get cover if you've seen a doctor or other qualified professional about a condition that causes issues overseas. It's the same if you're aware of a physical, medical, mental or dental condition before you travel.

There are some exceptions if you're pregnant, though:

• You can get cover for pregnancy complications that arise from injury or sickness when you're travelling and meet the other eligibility requirements.
• If you were eligible for the travel insurance before you became pregnant, you'll be entitled to available cover.

If you have a pre-existing condition you want covered, follow these steps:

• Call Allianz Global Assistance on 1800 648 093. You'll then go through an assessment process.
• Answer all the questions honestly and give them any extra information they ask for.

If your pre-existing medical condition is approved for cover, you will need to pay an administration fee. This fee is non-refundable and the cost is not detailed in the insurance policy booklet, so make sure you ask how much it will be when you call Allianz.

If you follow these steps and get approved, Allianz will send you written confirmation of cover for your pre-existing medical condition.

Pre-existing medical condition definition for HSBC credit card insurance

As well as the summary above, we have included the definition that's in the current HSBC card insurance policy document for HSBC Platinum Cards and Premier World Mastercard accounts.

These are effective from 14 October 2022.

a condition of which a reasonable person in the circumstances, should have been aware at the time eligibility for the cover available was met, including:

• Any dental condition; or
• Any physical condition; or
• Pregnancy; or
• Any lifelong illness; or
• Any chronic illness; or
• Any mental illness; or
• Any current or previously treated cancer, or

Any condition which, in the last two years:

• Was treated by surgery (including day surgery); or
• Required regular medication; or
• Required on-going treatment; or
• Was referred to a specialist medical adviser; or
• Had regular reviews or check-ups; or
• Caused admission to hospital; or
• Was treated at a hospital emergency department or out-patient clinic.

If you think you will need to make a claim, contact Allianz Global Assistance as soon as possible so that they can give you specific information.

You can do this by calling +617 3305 7499 from overseas (a reverse charge number) or 1800 648 093 in Australia.

There are 2 main ways you can submit your claim:

Allianz will review your claim and ask for any further details before giving you an outcome.

What to include in your claim

With insurance claims, it's always good to include as much detail and supporting documentation as possible. It makes it easier for the insurer to look at the claim and your eligibility for a payout.

• A referral or letter from a doctor or other professional you see in relation to a claim
• Official medical reports
• Police reports
• Photos of damaged items
• Emails or letters from airlines that relate to a claim
• Receipts or other proof of purchase

Transit accident insurance

• What is it? Cover for accidents that happen when you're travelling overseas on a plane, train, cruise ship, bus or other eligible vehicle. You also get cover for related accidents that happen when you're boarding or leaving the transport.
• When can I use it? You are eligible for cover if you have paid for the entire trip with your eligible HSBC credit card before you leave. If your partner or dependants are permanent residents of Australia and travelling with you, they'll also get cover.
• Is there an excess cost? No, you don't need to pay an excess for any claims but there are limits to how much you can get paid out. For example, the loss of one hand or one foot has a maximum benefit limit of $100,000 for the cardholder, $50,000 for a spouse and $12,000 for a dependant.

Domestic travel insurance

• What is it? Cover for specific issues that come up when you're travelling to a different state or territory in Australia for up to 14 days. This can include costs relating to cancelled return flights, flight delays of 4 hours or more, delayed or lost luggage and rental vehicle excess insurance costs if you hire a vehicle.
• When can I use it? If you have used your eligible HSBC credit card to pay for the entire flight or at least $250 of your flights and accommodation before you leave. If your partner or dependants are travelling with you for at least 50% of the trip and meet these requirements, they'll also get cover.
• Is there an excess cost? Yes, $200 per claim for cover relating to cancellation or luggage.

Rental vehicle excess insurance in Australia

• What is it? Cover for damage or theft of a car or other vehicle you have hired in Australia, up to a maximum of $6,000.
• When can I use it? You are eligible for cover if you have paid for the hire car (or vehicle) using your eligible HSBC credit card. The vehicle hire agreement also has to include details of how much you need to pay if the vehicle is damaged or stolen.
• Is there an excess cost? Yes, $200 per claim.

HSBC credit cards give you access to other types of insurance, also provided by Allianz. Below is a snapshot of the different types.

Purchase protection insurance

• What is it? Cover for the cost of a new item that is stolen, accidentally damaged or lost. It covers most household and personal items such as laptops, shoes, jewellery and glasses. Exclusions include second-hand items, perishables, cash, computer software, vehicles and items you've accidentally left in a hotel after checking out.
• When can I use it? If you use your eligible HSBC credit card to pay for covered items, this insurance will apply for the first 90 days from when you get them. This cover is available for personal items bought anywhere in the world, and for gifts you have bought and given to someone who is a permanent Australian resident.
• How can I make a claim? You need to show proof that you own the item and report the loss, theft or damage to the local police or relevant authorities (such as the office of a transport company). You also need to show proof of the report, such as written confirmation for the authorities involved. Then, call Allianz on 1800 648 093.
• Is there an excess cost? Yes, $100 per claim. There are also maximum claim amounts depending on the item.

Extended warranty insurance

• What is it? Cover that doubles the manufacturer's warranty for items bought in Australia, up to a maximum period of 12 months. For example, if you bought a laptop with a 12-month manufacturer's warranty and it stopped working for no reason after 12 months, you could make a claim under this cover.
• When can I use it? If you used your eligible HSBC credit card to pay for an item and it came with an Australian manufacturer's warranty of between 7 days and 5 years. You can make a claim if something happens after the original warranty period has ended.
• How can I make a claim? Call Allianz on 1800 648 093 and give them as much information as possible.
• Is there an excess cost? Yes, $200 per claim. There is a total maximum claim limit of $10,000 per year.

Don't have complimentary insurance on your credit card yet? Compare HSBC credit cards or other cards that offer insurance .

HSBC also offers different types of travel insurance on the following cards:

• HSBC Corporate Card . If you're looking at getting a card account for your business, the HSBC Corporate Card offers travel insurance and corporate liability against deliberate misuse by cardholders.

How do I activate my HSBC travel insurance?

If you have an eligible HSBC credit card, you'll get international travel insurance when you pay for at least 90% of your return travel ticket before the start of your trip.

Does HSBC credit card travel insurance cover cruises?

Yes, the international travel insurance policy would cover you for eligible issues that come up when you're on a cruise.

Amy Bradney-George

Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald.

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This card offers 0% interest on balance transfers for 12 months, a first-year annual fee waiver and platinum benefits including airport lounge passes and complimentary insurance covers.

The HSBC Corporate Card offers expense management, flexible spending controls, liability protection and worldwide acceptance through the Mastercard network.

Designed for premium HSBC customers, the HSBC Premier World Mastercard offers points, complimentary insurance, airport lounge access and more.

The HSBC Platinum Qantas Credit Card is a premium option that earns frequent flyer points per $1 spent and offers complimentary insurance.

With HSBC credit card rewards program, cardholders get the ability to earn points on a one point to one dollar ratio that can be used for a vast array of rewards and extra points with HSBC partners.

The HSBC Low Rate Credit Card has a 0% balance transfer offer and a low ongoing interest rate for purchases – here's what else you need to know.

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• HSBC Malaysia online banking

Travel Care

Go on a totally fuss-free, carefree holiday with travel care.

Not all who wander are lost, but your luggage certainly could go missing. That's just one of the unexpected events that could put a dampener on your travel plans - there might also be flight delays, accidents or lost passports to contend with.

Travel Care provides a comprehensive suite of coverage and Allianz's Authorised Representative's emergency hotline (+603-76283919 or +603-79653919) is available 24 hours a day to support you through any emergency you might face, so you and your loved ones can have a stress-free trip filled with beautiful memories.

Stand to receive a Touch 'n Go eWallet Reload PIN worth up to RM50

Be one of the first 200 customers to purchase travel care with the promo code 'hsbc23' and get a touch ‘n go ewallet reload pin worth up to rm50. promotion period 27 november 2023 - 31 july 2024., ¹allianz travel care ("this plan") is underwritten by allianz general insurance company (malaysia) berhad (company no. 200601015674 (735426-v)) ("allianz general") and hsbc bank malaysia berhad ("hsbc malaysia") is the intermediary in distributing this plan. travel care customer campaign promotion  terms & conditions  apply..

• Overseas and domestic travel coverage This includes coverage for luggage and travel delays, and for overseas travel, the coverage also includes loss or damage to your travel documents, personal luggage and valuables, and more
• Accidental death and permanent disability coverage
• Emergency medical evacuation and repatriation programme
• Reimbursement of medical expenses We'll reimburse the necessary and reasonable medical, surgical or hospital charges, and emergency dental treatment fees incurred as a result of accidental bodily injuries, illness or death during your trip
• Option to purchase rider plans to extend your coverage when you participate in certain sports or events during your travels

What your coverage includes

What you need to know, are you eligible.

You're eligible for a Travel Care plan if you belong to one of the following categories:

• Malaysian citizen or permanent resident
• valid work permit or student pass holder
• legally employed in Malaysia

You'll also be able to get coverage for your spouse and child if they legally reside in Malaysia.

Good to know

Emergency contact information .

If there's an emergency when you're travelling, you can call the Allianz 24-hour emergency hotline on +60 3 7628 3919. Toll fees may apply.

Cover for COVID-19 

Travel Care covers medical expenses for COVID-19 treatment, subject to policy terms and conditions. Your diagnosis must be certified by a medical practitioner, and you'll also need to provide a supporting lab report or medical report that states your diagnosis. 

Cover for high-altitude mountaineering 

You can get cover for high altitude mountaineering by contacting Allianz via email on  [email protected] , or by calling 1300 22 5542.

What options for Travel Care plans are available?

The following plans are available:

• Adult Plan/Adult Annual Plan: if you're aged 18-70 years old
• Child Plan/Child Annual Plan: if you're aged 30 days-17 years old
• Senior Citizen Plan: if you're aged 71-80 years old
• Family Plan: if the policyholder is aged 18-70 years old, the policyholder's 1 selected legal spouse is aged 18-70 years old and the policyholder's child/children is/are aged 30 days-24 years old
• Under family plan, the payment per individual will be based on the limit under an adult plan and/or child plan, as the case may be subject to the maximum limit as stated in the Schedule of Benefits in the brochure and policy document.
• Maximum period of coverage per journey/trip is 200 days for one way or return trip.
• Maximum period of coverage per journey/trip is 90 days for annual policy.
• Maximum period of coverage per journey/trip for High Altitude Mountaineering activities is 30 days.
• Each trip must begin and end in Malaysia except for one way trip.
• Maximum period of coverage per journey/trip is 30 days for one way/return trip or annual policy.
• Premium is subject to Service Tax.
• Customer may opt for Automatic Renewal (for annual policy only). This policy is deemed to be automatically renewed and the applicable premium will be charged upon expiry unless otherwise instructed.

For other key terms and conditions, please refer to the Product Disclosure Sheet in the link below.

Ready to apply for Travel Care?

Get a quote via mobile banking or online banking.

If you have an HSBC debit or credit card, you can apply via our mobile banking app or through online banking. Go to the homepage, select 'Products and services', and choose 'Travel Care'. We'll help you apply by filling in information from your records.

Get a quote without logging on

If you have an HSBC debit or credit card, you can also get a quote without logging on to mobile banking.

Scan the QR code to get the app

Download the HSBC Malaysia Mobile Banking app on your iOS or Android device.

• Learn more about mobile banking  

Need help? Check out our  step by step mobile guide .

Important Information

• For after-sales service, you can contact Allianz by [email protected] or on 1300 22 5542 .
• You may find out more about our coverage by visiting your nearest Allianz branch.

The information provided on this page is not a contract of insurance. The descriptions of cover are a brief summary for quick and easy reference. The precise terms and conditions that apply are in the policy document. Allianz Travel Care ("this Plan") is underwritten by Allianz General Insurance Company (Malaysia) Berhad (Company No. 200601015674 (735426-V)) ("Allianz General") and HSBC Bank Malaysia Berhad ("HSBC Malaysia") is the intermediary in distributing this Plan. This Plan is exclusively for HSBC Malaysia Credit and Debit Cardholders only. Please read and understand the Product Disclosure Sheet (PDS), Brochure and Policy Wording before signing up.

The benefits payable from this insurance product are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to certain limits. Please refer to PIDM's TIPS Brochure, the PIDM website , or contact Allianz General Insurance Company (Malaysia) Berhad to get more information about the Takaful and Insurance Benefits Protection System(TIPS).

• Product Disclosure Sheet (PDF) Product Disclosure Sheet (PDF) Download
• Brochure (PDF) Brochure (PDF) Download
• Policy Wording (Domestic) (PDF) Policy Wording (Domestic) (PDF) Download
• Policy Wording (Overseas) (PDF) Policy Wording (Overseas) (PDF) Download
• Allianz General Insurance Company - Privacy Notice (PDF) Allianz General Insurance Company - Privacy Notice (PDF) Download

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Travel Care Insurance

Get your policy instantly when applying online for travel care insurance, hsbc travel care insurance.

Have you or any of your friends or relatives experienced problems & stress during a vacation/business trip as a result of losing baggage, a sickness, a flight delay, or emergency medical treatment? Travel Care Insurance now can provide the best in emergency assistance cover - at a time when you most need it, as well as help to protect you from this financial burden.

New customers

Existing customers.

• Emergency Assistance Service Including Baggage and Personal Effects cover, Delayed Baggage cover, Personal Money and Travel Documents cover
• Personal Accident cover - up to VND 6 billion
• Medical Expenses cover - up to VND 3 billion, with automatic cover for follow up treatment in Vietnam
• Emergency Medical Evacuation - unlimited
• Hospital Cash Benefit - up to VND 40 million in aggregate
• Terrorism cover for all plans
• Extension for Covid-19 by covering Medical expenses due to Policy wordings with maximum benefit up to VND 1,2 billion/person/trip only for Diamond Plan ( Terms & Conditions applied ).

If payment through Online Payment Gateway of Baoviet Insurance Corporation is chosen as a premium payment method, you are recommended to apply for Travel Care at least 01 working day before departure in order for us to process your application. 

If payment in cash at counters or transfer from other banks is chosen as a premium payment method, you are recommended to apply for Travel Care at least 05 working days before departure in order for us to process your application.

Cover plans

Policy details.

• Travel Care Cover Matrix   Travel Care Cover Matrix to read the details of the travel care insurance
• Policy wording (PDF, 82.3KB) Policy wording (PDF, 82.3KB) to read the details of the policy wordings Download link

Eligibility

• The Policy covers any Vietnamese citizen or foreigner residing or working in Vietnam, aged six months to 85 years (inclusive) 
• Adult means persons aged between 17 to 85. 
•  Children aged between 12 to 16 who are not travelling with their parents, may apply for coverage upon payment of the adult premium, but only child benefits shall apply. 
• Children aged 11 and below must be accompanied by and insured together with an Insured Adult.
• Place of departure: Must be trips originating from Vietnam only.

How to apply

Review and choose the Travel Care plan that most suits your needs through the Travel Care comparison table.

Apply online now

(84 28) 37 247 247 (the South)

(84 24) 62 707 707 (the North)

Operating hours: from 8am to 10pm daily

Hotline 24/7: 1900 55 88 99/ Line 3

Email: [email protected]

• Travel insurance claim form (PDF, 20.6KB) Travel insurance claim form (PDF, 20.6KB) to make your claim Download link

Things you need to know

• Declaration (PDF, 68.1KB) Declaration (PDF, 68.1KB) to read our declaration for travel care insurance Download link
• Terms and conditions (PDF, 82.8KB) Terms and conditions (PDF, 82.8KB) to read the terms and conditions of travel care insurance Download link

Frequently Asked Questions

What is travel care insurance and how is it important to me .

Travel Care Insurance is specially designed for individuals and families who are travelling on a journey for leisure or business purpose. Travel Care Insurance offers financial protection in unexpected cases like accident, sickness, flight delay, loss of luggage, etc.

How much can I get back if I cancel the Travel Care Insurance policy? 

No refund of premium is allowed. However, you can change/ extend your insurance period by sending Baoviet the Endorsement Request & pay extra premium (if any) before the intended departure date (in case of change of the whole travelling period) or before the expiry date (in case of journey extension).

In case of emergency, how can I ask for assistance? 

You can call IPA Assistance Company’s hotline on +662 039 5705 at any time for emergency medical and evacuation assistance, medical referrals. The hotline operates in English and Vietnamese.

Note on Premium Payment Method 

You may choose 01 (one) of the 03 (three) premium payment method options as follows: 

• Make premium payment through Online Payment Gateway of Baoviet Insurance Corporation at https://payment.baoviet.com.vn/paymentnetwork  
• Make payment in cash at any counter of Baoviet Bank (within 03 working days from submission date of the online Travel Care Insurance application). Branch network of Baoviet Bank is available at https://www.baovietbank.vn/en/mang-luoi-hoat-dong 
• Funds transfer later from your account to Baoviet General Insurance’s account at Baoviet Bank (within 03 working days from submission date of the online Travel Care Insurance application). 

Beneficiary's account information for cash payment/funds transfer: 

• Account’s name: Baoviet Insurance Corporation 
• Account No. (VND) 0071033444000 at Baoviet Bank – Branch HO
• Address: 1st and 5th Floor, Corner Stone Building, No 16 Phan Chu Trinh, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi 
• Narrative: "BHDL"- "Your name"-"Reference Number" 

If payment in cash at counters or funds transfer is chosen as a premium payment method, your payment for Travel Care Insurance must be recorded in Bao Viet's account at HSBC within 03 working days starting from your online application date. 

In all cases where payment of the premium is not made in due course, the registration for Travel Care will be deemed invalid.

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Important information.

Travel Care Insurance is underwritten by  Bao Viet Insurance Corporation , 07 Ly Thuong Kiet Street, Hoan Kiem District, Hanoi, Vietnam. The information of this product may be amended by Bao Viet Insurance Corporation from time to time and HSBC Bank (Vietnam) Ltd. shall not be responsible for such amendment.

This webpage contains only general information. The specific terms, exclusions and conditions applicable to this insurance are described in the Policy which will only be issued upon acceptance of the Proposal Form. A person interested in this product should consider whether the product is suitable before making a commitment to purchase the product.  BaoViet General Insurance authorised agents or distributors, including HSBC Bank (Vietnam) Ltd. (together "the Agents") are neither the underwriter nor broker for the customers. To the fullest extent permissible pursuant to applicable law, the Agents make no warranties or representation as to the accuracy, correctness, reliability or otherwise of the content of this webpage. Under no circumstances, including, but not limited to negligence, the Agents or any party involved in creating, producing or delivering the webpage shall not be liable to you for any direct, incidental, consequential, indirect, or punitive damages that result from the use of, or the liability to use, the information in this webpage, even if the Agents have been advised of the possibility of such damages. The Agents are not suppliers of the products and shall not accept liability in relation thereto.  Issued by HSBC Bank (Vietnam) Ltd .

Important notice

HSBC banking services in the UAE on mobile, in branches, Customer Service Units (CSUs) and through our call centres are fully operational and accessible as normal, except for the CSU in HSBC Tower in Dubai which is closed following the activation of a fire alarm on May 20th, 2024.

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Travel Insurance

Alternatively please call  800 4560 .

• Instant quote & Instant cover
• Simple enrollment process
• High value cover for low premiums
• Extensive Cover options
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• Multilingual healthcare professionals
• 24/7 365 days a year travel assistance

Are you eligible?

You can apply for travel insurance if you are:

• a UAE resident
• a GCC resident traveling from their country of residence

Things you should know

• travel smart is one of the best travel insurance products in the market, to cover you for any medical and travel inconvenience, ensuring a worry-free holiday
• travel schengen is the compulsory minimum cover required for obtaining a visa to any Schengen country
• Travel insurance policy Terms and Conditions (PDF) Travel insurance policy Terms and Conditions (PDF) Download link

Find out more

Get started by requesting a quote online

Product terms and conditions and exclusions apply. Please read the full policy wording for further information.

General insurance products are provided by GIG Insurance (Gulf) B.S.C. (c). HSBC Bank Middle East Limited in the UAE is only a referrer of GIG's general insurance products and is not responsible for claims, processing or otherwise.

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We've partnered with Allianz to provide you with global and local insurance solutions designed to bring you peace of mind and protect you against the unexpected. Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd., known together as Allianz Lanka, are fully-owned subsidiaries of Allianz SE, a global financial services provider with services predominantly in the insurance and asset management business, headquartered in Munich, Germany and dedicated to delivering you best in service and solutions. The global strength and solid capitalization of the Allianz Group, coupled with local expertise and business know-how, have been Allianz Lanka's powerful formula for success

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Top hsbc shareholder ping an exploring ways to cut $13 billion stake.

(Bloomberg) -- Ping An Insurance Group Co. is weighing options that would allow it to reduce its 8% stake in HSBC Holdings Plc, according to people familiar with the matter.

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One option an internal team at the Chinese insurance giant is considering is further share sales, similar to the $50 million sale it disclosed last week, as it seeks to reduce its $13.3 billion position in Europe’s largest lender, the people said, declining to be identified as the deliberations are private.

A sovereign wealth fund or ultra-rich investor in the Middle East taking a sizable stake is another possibility, some of the people said. It’s unclear whether there have yet been formal talks about a larger sale of the stake and how feasible it would be, although members of the insurer’s board are currently visiting the Gulf, two of the people said.

The openness to reducing its stake reflects Ping An’s desire to lock in some profits from its investment and a recognition that the more dramatic changes it has pushed for at HSBC currently stand little chance of succeeding.

Ping An Asset Management, the firm’s investment unit, reiterated on Friday that HSBC is a long-term financial investment. “The bank has maintained unique competitive advantage in Asia,” it said in an e-mailed statement. “We’re confident of its long term development.”

HSBC declined to comment.

HSBC shares have risen about 15% in the past year in London and earlier this month hit their highest level since 2018. They fell 0.7% on Thursday, after reversing earlier gains.

HSBC shares declined 3% as of 11:55 a.m. in Hong Kong on Friday, while Ping An gained 1.3%.

Should Ping An “decide to reduce its position, we believe this would likely be over a prolonged period in order to maximise value, which would therefore mitigate the impact of any overhang risk,” Andrew Coombs, Michael Zhang and Rajkumar Choudhary at Citigroup Inc., wrote in a note.

Ping An has had a contentious relationship with HSBC in recent years as it campaigned for the bank to embark on a series of reforms, including spinning off its Asian arm. Those efforts were largely defeated at a meeting of the bank’s shareholders last year.

Earlier this month, the insurer lodged a futile protest vote against Chief Executive Officer Noel Quinn at the company’s annual shareholder meeting just days after he surprised the business world with the announcement that he would retire from the lender.

HSBC is now leaning towards appointing its next CEO from a shortlist of internal candidates, including Chief Financial Officer Georges Elhedery and Nuno Matos, head of wealth and personal banking, Bloomberg News reported this week.

Read more: HSBC’s Noel Quinn Ends 37-Year CEO Dream With Surprise Departure

During the insurer’s ownership of the stake, HSBC has had four chief executives who have all had to navigate the deterioration of ties between China and the US.

Asset managers are increasingly looking to sidestep those tensions as they make new investments. Temasek, a major investor in HSBC’s rival Standard Chartered Plc, has said it will focus on investing in companies with large, domestic-focused businesses as it seeks to avoid those risks.

This month, Ping An’s asset management arm sold $50 million of HSBC shares, decreasing the insurer’s stake in HSBC from 8.01% to 7.98%. It was the first time Ping An disclosed that it’s disposed of the stock since the company began its campaign against the bank.

Ping An emerged as a major shareholder in HSBC in 2017. In September 2020, the company scooped up 10.8 million shares of HSBC at an average cost of HK$28.2859 apiece. At the time, the lender’s shares were under pressure because it was participating in a US probe of Huawei.

Citi estimates Ping An’s average purchase price of HSBC shares at close to about HK$50 vs current the share price of about HK$70.

The firm’s stock has soared since then as investors cheered Quinn’s efforts to shed non-core assets and boost returns.

--With assistance from Dinesh Nair and Pei Li.

(Updates with Ping An Asset Management’s comment in fifth paragraph.)

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Spending $75 a month on life insurance means I can stop the cycle of poverty my family's been in for generations

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

• I've watched many family members die without enough money to cover their final expenses.
• I never wanted that, so I bought a term life insurance policy in my 20s that I renew every five years.
• It's enough to cover basic expenses for my kids and help them establish their own homes.

When my grandmother died 10 years ago, I didn't even need to ask if she had a life insurance policy. I knew she didn't. Just like most other members of my family.

My grandmother had no estate or assets. Since she left no surviving spouse or dependent child, the $255 death benefit that Social Security sometimes pays out wasn't even an option.

She would be laid to rest in a cemetery plot where my grandfather had been buried 30 years before. My grandmother wanted to be buried, too, not cremated. But since she died in a different state from where the cemetery was located, the cost to transport her body was way more than anyone could afford. So, despite her wishes otherwise, she was cremated for financial reasons.

Only two of her seven children were employed at the time, so they gathered whatever funds they could scrape together. And that — combined with the available credit they had on their credit cards — was just enough for the cremation and the cemetery's fee to open a hole big enough for us to place her ashes. There were no funeral services, and no memorial event.

The poverty cycle in my family

This situation isn't unusual in my family. Just last year, my aunt died in a similar financial state. It was pretty much the same story when my stepfather died five years ago, uninsured and with nothing in his bank account .

I hail from a family where poverty traces back for generations. Many of my relatives have struggled just trying to afford food and shelter. Something like life insurance would be considered a luxury, and — like anything else not required for basic survival — would be low on the priority list.

Family lore says that at least one of my ancestors was buried in New York City's potter's field , where the poor and unidentified are interred in mass graves. 

I and other family members have had to scramble to help pick up the financial pieces when some of our relatives have died without any insurance. Sometimes there wasn't even enough f67or an obituary .

Watching this scenario play out repeatedly over the years taught me a valuable lesson: In death — as in life — your financial resources often determine your fate. I knew from a young age that I didn't want to be the cause of one of these post-death panics that send loved ones into a frantic scramble.

As a result, I've had life insurance since I was in my early 20s because I've never wanted to leave anyone else in that position. 

Why I bought life insurance

I've seen experts and others share the opinion that life insurance isn't necessary if you don't have minor/dependent children to support. But someone will still need to take care of your final arrangements. And I know from firsthand experience that even the most bare-bones, no-frills burial can be more expensive than you might expect.

I'm guessing those experts likely don't hail from families like mine. They are perhaps taking it for granted that every deceased person has money in the bank or plenty of other assets that will cover burial and funeral expenses.

Even if most people do in fact have sufficient assets at the moment to cover those costs, things can change. People may lose their jobs, get hit with major medical expenses, or otherwise face unexpected financial hardships. This is increasingly likely as they get older, particularly if they start having health issues. 

And the harsh reality of life insurance is that if you wait until a point when you think you may actually need it in the near future, it may be too late.

In my recently deceased aunt's case, she did look into getting life insurance a few years ago (partly at the urging of her sister, who'd had to cover some of the expenses after their mother's death). Unfortunately, at that point she'd already had lung cancer and was in her 60s, so insurers weren't exactly eager to cover her, at least not without charging a fortune. A decent life insurance policy she could afford was virtually impossible to find. 

I'll renew my life insurance policy for as long as I possibly can

I have a term life insurance policy I've had for years, and I protect it like a precious gift. I have children who are still trying to get their own financial footing. I hate to picture them in a panic, trying desperately to come up with enough to bury me if I were to die with no insurance.

I first got this policy when I was in my early 20s. At the time, I didn't know much about insurance (and obviously, there wasn't really anyone in the family I could ask). But I felt like anything was better than having nothing at all, so I took the most affordable option I could find that would at least provide enough to take care of my children for a while if something were to happen to me.

It currently costs me less than $75 a month. The policy renews every five years, and I plan to keep it indefinitely — ideally, for life — because I've now reached an age where it might be more difficult to get a brand new policy from scratch. It goes up a bit with each renewal, but it's cheaper than starting over again with a new policy.

It is enough to reasonably cover basic expenses for my kids for at least a year or two, and to help them establish homes of their own.

I'm hoping that in this one significant way, I can try to help shift the family legacy.

This article was originally published in December 2019.

Watch: Why childcare has become so unaffordable

• Main content

Indian insurance startup Go Digit raises $141M from anchor investors ahead of IPO

Go Digit, an Indian insurance startup, has raised $141 million from dozens of investors as part of an initial public offering that starts on Wednesday.

Fidelity, Goldman Sachs, Morgan Stanley, Abu Dhabi Investment Authority, Bay Pond, Mirae Asset Management, Steadview Capital, and HSBC, as well as Indian mutual funds operated by SBI, ICICI, Axis, Tata and Edelweiss, served as anchor backers for the IPO, Go Digit disclosed in a filing to the stock exchange.

Founded by Kamesh Goyal, an ex-KPMG executive and insurance industry veteran, Go Digit sells auto, health, travel, and accidental insurance. The startup simplifies the insurance purchasing and redemption process, letting users self-inspect, submit claims, and process service requests from their smartphones. It had a total of about 43 million customers in the nine months ending December last year, and had issued a total of 8 million policies, according to its IPO prospectus.

The Mumbai-based startup aims to raise about $313 million from the IPO. It’s seeking a valuation of about $3 billion, which would be about 25% lower than its last private valuation of $4 billion.

Retail investors in India have been warming up to tech startup stocks. Even though the nation’s benchmark, Sensex, is up by 1.4% this year, many of the tech startups that went public on Indian stock exchanges in recent years have outperformed it. Shares of food delivery firm Zomato are up 51.2% this year, while insurance aggregator Policy Bazaar’s stock is up 60.4%.

Go Digit — backed by Peak XV, Fairfax Group, TVS Capital, A91 Partners, and Indian star cricketer Virat Kohli — initially sought to go public in 2022 but abandoned that plan citing poor market conditions. It had sought to raise $440 million in the IPO, according to the draft prospectus that it filed at the time.

Go Digit is only one of the many Indian companies looking to list publicly this year. Food delivery startup Swiggy also confidentially filed to go public last month, seeking to raise about $1.25 billion in the IPO. Ola Electric filed to go public late last year, and its older sibling, ride-hailing giant Ola, plans to follow suit later this year.

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Investment Daily: The S&P 500 ended little changed in quiet trading

21 May 2024

Key takeaways

• US stocks were mixed, as Treasuries edged lower.
• European equities rose; government bonds fell.
• Asian stocks largely gained.

In the US, the S&P 500 ended little changed (+0.1%) on Monday in a quiet day of trading. Technology stocks gained as financials and consumer discretionary shares were among major laggards.   

US Treasuries slipped amid a busy slate of corporate bond issuance as investors weighed comments from Fed officials. 10-year yields edged up 2bp to 4.44%.

European stock markets started the week on a positive note on a quiet day for data releases. The Euro Stoxx 50 gained 0.2%. The German DAX and French CAC both rose by 0.3%. In the UK, the FTSE-100 was broadly unchanged.

European government bonds ended little changed. 10-year German yields closed at 2.53% (+1bp) as 10-year French yields were flat at 2.99%. In the UK, 10-year gilt yields rose 4bp to 4.17% amid investor caution ahead of this week’s UK CPI data.

Asian stock markets rose on Monday as China’s latest property policy measures and investor optimism over Fed easing supported risk sentiment. China’s Shanghai Composite and Hong Kong’s Hang Seng gained 0.5% and 0.4%, respectively. Japan’s Nikkei 225 advanced 0.7%. The Indian stock market was closed for a holiday .

Crude oil prices edged lower on Monday, as investors weighed the Fed rates outlook and political development in the Middle East. WTI crude for June delivery settled 0.3% lower at USD79.8 a barrel.

Key Data Releases and Events

Mexican retail sales fell 0.2% mom in April, partially reversing March’s 0.5% mom increase. The annual rate swung from a rise of 3.0% in March to a decline of 1.7% in April.

Releases due today (21 May 2024)

In Canada, CPI should edge lower to 2.7% yoy in March, from 2.9% yoy in March. Core inflation should also remain modest in April, keeping the Bank of Canada on track for a possible rate cut in June.

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HSBC/SVB: franchise value matters as much to bank rescuers as assets

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

The teeth of $10bn gift horse Silicon Valley Bank have received a thorough dental examination from acquirer First Citizens Bank. One result is a lawsuit against HSBC.

In March, First Citizens bought the failed tech lender in an auction staged by US banking regulators. It made the acquisition at a $10bn after-tax discount to net value. The market capitalisation of First Citizens jumped from $7bn to $19bn.

But there is a difference between the accounting value of assets and the nebulous but equally important value of a franchise. First Citizens is now suing HSBC, which acquired SVB’s UK business. The US lender has accused the British bank of improperly planning to hire more than 40 US bankers. The manoeuvre was allegedly launched on Easter Sunday and codenamed “Project Colony”.  

First Citizens was not just buying valuations on a piece of paper when it purchased SVB. It was also acquiring the employment contracts of SVB bankers and with them client relationships.

So-called restrictive covenants — non-compete and non-solicit provisions — are increasingly controversial in the US. Critics including the likes of US competition regulator Lina Khan view them as a restraint of trade that harms entrepreneurship, labour markets and economic wellbeing.

But for companies like First Citizens, top employees are pricey investments replete with institutional knowledge and trade secrets. According to the SVB lawsuit, HSBC was told that the group of bankers could generate a whopping $1bn in annual profit within a few years. First Citizens must itself have reckoned on a windfall beyond that bald £10bn.

The corollary is that notional losses to the Federal Deposit Insurance Corporation exceeded that sum.

First Citizens claimed in court papers that bank rescues supported by private actors will be unappealing if key staff are easily lured away.

The more important public policy question is whether there is a better way of rescuing distressed banks. Fire sales may too easily deliver big apparent gains to a few bold acquirers and recruiters.

Lex recommends the FT’s Due Diligence newsletter, a curated briefing on the world of mergers and acquisitions. Click  here  to sign up.

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