What is All-In-One Insurance? (AD)
AD – Collaborative post with HSBC
One of the best ways of protecting your financial future could be to take out insurance. Insurance in this sense means protection from financial loss. It is a form of risk management in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
Multi-cover insurance is a way to cover lots of different things all under one policy. Take a look at this post tofind out more about how it works and the pros and cons.
HSBC Select and Cover helps to take the hassle out of buying insurance by allowing you to pick and mix different types of cover to protect the people and things you love all under one policy.
Multi-Cover Insurance Pros
Easier to manage – as your insurance products are with one provider you can easily see what cover you have. It will also be easier to get in touch with your provider should there be any issues with your insurance.
One monthly fee – instead of several monthly payments leaving your bank account you have one monthly payment for your cover making it easy to budget for and keep an eye on. Less transactions going in and out of your bank account will make unusual transactions easier to spot.
Simplicity – Because your cover is with one provider it’s a very easy process to increase or reduce your cover. Each year you can add and remove one option if your circumstances change, and you require a different insurance product. On the anniversary of your policy, you can change as many things as you like. The only requirement is you keep at least three types of cover at all times.
Important Considerations
If you are looking to take out any type of insurance, it is always worth checking for the best deals using a comparison website. See how much it would cost you to get the cover you need separately and all together in one policy.
If you are about to take out multi cover insurance make sure to check that you aren’t paying to double insure (e.g. having gadgets covered in your contents insurance and with separate phone insurance).
Check your cover regularly to make sure that it suits the needs of you and your family. Circumstances change and you may need to change your cover too.
HSBCUK bank plc acts as an insurance intermediary for Select and Cover. Motor breakdown insurance is underwritten by RAC. Starter life insurance is underwritten by HSBC Life (UK) Limited. All other Select and Cover options are underwritten by Aviva Insurance Limited.
Select and Cover is exclusively available to HSBC customers with a bank, savings, mortgage or credit card account, who are registered for online banking, UK residents and at least 18 years old.
Terms, conditions, exclusions and limitations apply
When discussing multi-cover insurance, Vidyesh Khanolkar, vice president of Majesco (UK), stated that people want these sort of products. Majesco also made comment that there are few providers offering “family policies” and it therefore presents an opportunity for a newcomer to gain market share.