HSBC: Protecting Family From Inheriting Debt
[Advice column by HSBC Bermuda]
Unfortunately I have accumulated a bit of debt over the years. I’m doing what I can to pay it off quickly, but as I get older I’m more worried that my debt will eventually be passed on to my children. Is there a way that I can protect them from this?
Insurance is one of the most comprehensive and common ways to guarantee that your family is protected and does not inherit your debt in the event that you pass away.
- Consumer Loan Protection Insurance repays the balance of a consumer loan [such as a car loan, etc] up to the maximum sum assured. Consumer Loan Protection Insurance is offered in joint and single policies.
- Mortgage Protection Insurance repays the balance of a mortgage, up to the maximum sum assured. Mortgage Protection Insurance is offered in joint and single policies.
- Credit Card Protection Insurance provides coverage to pay off your credit card balance.
With all types of insurance, it’s very important to know exactly what is and isn’t covered. Of course, the more cover, the higher your premiums will generally be. To learn more about HSBC insurance solutions visit www.hsbc.bm/insurance.
Free Financial Planning with HSBC
HSBC can help you manage your money and develop your own financial plan! Our approach takes you through the complete financial planning process, at no cost to you. We’ll work with you to understand your particular circumstances and your financial ambitions. From there, we provide you with solutions on how to manage, grow and protect your savings to achieve your goals.
To make a free Financial Planning appointment visit www.hsbc.bm/planning or by calling 299-5959.
Issued by HSBC Bank Bermuda Limited which is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority. HSBC Bank Bermuda Limited, which is acting solely as an insurance agent of BF&M pursuant to its insurance agent’s license issued by the Bermuda Monetary Authority and accepts no responsibility for the underwriting, administering and claims handling of insurance products. HSBC Insurance is the brand name for insurance products offered by HSBC Group members.
