is travel insurance included in hsbc premier account

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HSBC account included Travel insurance ?

By wallis7219 , August 26, 2021 in UK Cruisers

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We are due to go on a couple of Seacations in September .

trying to get HSBC to confirm their travel Insurance aspects cover will cover the requirements that the Cruise lines are demanding currently, is proving to be somewhat tricky!

Has anyone sailed with any Cunard, Princess P and O with HSBC included account insurance?   

Really don’t want to get to the port and they say it does not cover the requirement.

just looking for a bit of peace of mind, as I think it does but, but trying to get someone from HSBC to confirm this is beyond me currently?   

Just looking for any confirmation of other people’s experience with insurance requirements ?

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23 minutes ago, wallis7219 said: Hello  We are due to go on a couple of Seacations in September . trying to get HSBC to confirm their travel Insurance aspects cover will cover the requirements that the Cruise lines are demanding currently, is proving to be somewhat tricky!   Has anyone sailed with any Cunard, Princess P and O with HSBC included account insurance?    Really don’t want to get to the port and they say it does not cover the requirement. just looking for a bit of peace of mind, as I think it does but, but trying to get someone from HSBC to confirm this is beyond me currently?    Just looking for any confirmation of other people’s experience with insurance requirements ?   Thanks Gary  

I used it on MSC without problem, different cruise line but........

If you follow this link and click "ask Aviva for confirmation of cover" you will get a confirmation that covers staycations and cruise ships, I don't know what you are looking for but I suspect this confirmation will provide what you need, it did for me on MSC.

https://www.hsbc.co.uk/insurance/products/premier-travel/

• 3 weeks later...

busymumofthree

I stumbled across this as I too have HSBC cover.  Thank you for the link, ziggy, - very helpful

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The three best bank accounts with travel insurance bolted on: We pick our favourites and whether they're worth paying for

• Some bank accounts include annual worldwide travel insurance
• They often also include car breakdown cover and mobile phone insurance 
• Although there is a monthly cost, having such an account may make sense

By Ed Magnus For Thisismoney.co.uk

Updated: 03:28 EDT, 9 August 2022

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Many Britons will feel a bank account isn't something they're prepared to pay for - after all, most current accounts are 'free'.

However, some packaged bank accounts offer a host of benefits that added together could justify their monthly cost.

The typical perks include free annual worldwide travel insurance, car breakdown cover and mobile phone insurance, often with family members included. 

There is also the convenience factor of having three insurance policies taken care of saving both time and effort in having to organise it separately. 

Some bank accounts charge a monthly fee, but throw in perks such as annual worldwide travel insurance.

Michelle Stevens, banking expert at comparison site Finder, says: 'If you and your family are frequent travellers, then a current account with packaged travel insurance could be well worth the monthly fee, especially given the rising cost of travel insurance premiums in the last two years. 

'But before signing up to any premium current account, it’s important you check that the terms of the travel insurance policy - as well as the other account features and perks - suit your needs.' 

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She adds: 'Another benefit of getting free travel insurance with a current account is that a lot of people usually forgo it - up to 8.6million in 2019 - which is not an advisable move. 

'If you get seriously injured abroad then the bill can reach hundreds of thousands of pounds, so having travel insurance included with a current account may result in a lot of people getting covered who may not have done so otherwise.'

We pick our three favourite current account deals for travel insurance, taking into account the monthly cost and the additional perks on offer.

1.  Nationwide Flex Plus  

This account offers worldwide travel insurance as well as mobile phone and European breakdown cover.

It does come with a £13 monthly charge, which, compared to other packaged bank accounts looks relatively cheap.

Its worldwide family travel insurance, includes winter sports, golf, weddings and business cover.

Nationwide offers worldwide travel, mobile phone and European breakdown cover and charges £13 a month for maintaining the account.

Cover for travel essentials includes luggage, documents and cash as well as protecting against travel-specific problems like delays, cancellations and medical expenses.

Then cancellation cover is up to £5,000, the medical expenses cover up to £10 million, whilst cover for travel disruption will be eligible when caused by natural disasters, or airline or travel end supplier failure.

The policy doesn't cover medical conditions unless they have been declared to Nationwide and accepted. In some instances, you can pay for a medical upgrade to your insurance policy.

Two other clauses to be aware of is that the longest trip length allowed is 31 consecutive days. 

For any person to be insured who is aged 70 or over, they must buy an age upgrade to cover them.

Although the monthly cost will add up to £156 a year, it's possible to offset much of this during the the first year, thanks to Nationwide's current account switching incentive.

Non-Nationwide members can currently get £100 for switching, whilst members who switch to the Flex Plus account could get £125.  

Saves the extra admin: Nationwide's annual travel insurance policy is worldwide, and covers a whole family for multiple trips, not just the individual account holder.

On top of travel insurance, account holders get vehicle breakdown cover both in the UK and the rest of Europe and mobile phone insurance for the whole family.

The car insurance is valid whether someone is a driver or a passenger in a vehicle, and comes with no excess to pay and unlimited callouts.

The mobile insurance covers mobiles belonging to the account holder and those belonging to their partner and dependent children. It covers for loss, theft, damage and faults.

2.  Virgin Money's Club M Account

Virgin's Club M Account comes with a £14.50 monthly charge.

Similar to Nationwide, it offers 31 days' worldwide cover per trip. It will cover the account holder and a partner living with them if there're both under 75, so it's a little more generous on that front.

Virgin's worldwide family multi-trip travel insurance - includes winter sports, golf and weddings. Plus, 24 hour access to a doctor at home or abroad.

There's also cover for up to four dependents under 18 - either in full time education or living with the account holder.

Emergency medical treatment, includes falling ill with coronavirus while away, and cover for the journey home, if it's medically necessary.

It also covers lost, damaged or stolen items, and if the baggage is delayed, any essentials will be paid for in the interim period. It also includes cover for delays or missed departures and winter sports as standard.

Account holders are also covered when cancelling or cutting short a trip if they fall ill with coronavirus as long as they didn't know they had it and weren't being tested for it when they booked their trip. 

The cover includes emergency medical, surgical, hospital, treatment and ambulance costs, as well as any additional accommodation and travel expenses if someone cannot return to the United Kingdom.

There is a maximum allowance of 31 days of worldwide cover per trip.

It covers the account holder and their partner living with them if they're both under 75. There's also cover for up to four dependents under 18. 

A claim will be void if it relates to any medical treatment received because of a medical condition or an illness related to a medical condition which a person knew about at the time of opening the account. 

What else? 

On top of the travel insurance it also offers UK breakdown cover with no call out charges, whether as the driver or the passenger and offers help at the roadside and at home.

It also offers worldwide mobile phone and gadget insurance covering against loss theft, damage, and breakdown

Just make sure you've declared any pre-existing medical conditions and don't leave your valuables unattended to be fully covered.

Its Worldwide family multi-trip travel insurance - including winter sports, golf and weddings. Plus, 24 hour access to a doctor at home or abroad.

Virgin current account holders also benefit from various other perks.

It offers access to an easy-access linked savings account paying 1.71 per cent on balances up to £25,000. C ustomers can also benefit from 2.02 per cent on balances up to £1,000 in their bank account.

New customers switching to the Virgin Money Club M Account can also receive a bonus of 20,000 Virgin Points to spend with Virgin Red, thanks to Virgin Money's latest current account switching offer.

Virgin Red is a rewards club that turns everyday spending into points. Once you are a member, you can earn and spend Virgin Points across almost 200 different rewards.

The 20,000 Virgin Points boost means travellers could get a return flight to Barbados, the Bahamas or St Lucia, while bakery enthusiasts could turn their points into 100 sausage or vegan sausage rolls, 61 coffees or teas or 100 doughnuts or muffins.

3.  Halifax Ultimate Reward Current Account  

Halifax Ultimate Reward current account costs £17 per month, the equivalent of £204 per year. However, there are ways to dramatically reduce this via its cashback and switching offers.

The account includes a family travel insurance policy for the account holder, their spouse or partner and children aged 18 or under, or up to 24 if they're in full time education. 

It includes cover for personal belongings, certain sports and activities such as winter sports golf trips.

At £17 a month Halifax is the most expensive of our three top picks. However, its £150 cash incentive and £5 monthly cashback could help account holders to significantly reduce the cost.

Its cover includes, up to £10million for hospital fees, repatriation, medical confinement, funeral and dental costs incurred if taken ill or injured on your trip. 

Up to £5,000 in total for loss of pre-paid travel and accommodation expenses in the case of cancellation or curtailment. 

It covers personal baggage up to £2,500 if it is lost, damaged or stolen. This includes up to £500 for valuables, and up to £500 for a single item or pair or set of items.

It also covers personal money up to £750 for loss, or theft. This includes up to £300 cover for cash. This is limited to £50 for under 16s.

Watch out: 

Existing medical conditions are not covered, unless these are agreed with the insurer first, and an additional premium may be payable.

The longest trip length is 31 consecutive days. For winter sports, a maximum of 31 days cover in a calendar year.

Halifax's travel insurance covers personal Baggage up to £2,500 if it is lost, damaged or stolen.

It's also worth noting that a £75 excess per adult per incident may apply and to be covered trips must start and end in the UK.

All cover ends when the account holder turns 71. As long as the account holder is less than 71, their spouse or partner will also be covered until they reach 71. 

Eligible children can also be covered so long as they are travelling with the spouse, partner or civil partner of the policyholder. 

What else: 

It also offers car breakdown cover with the AA. This covers any vehicle the account holder is travelling in, at the roadside or at home. But only in the UK. 

For mobile insurance, it covers breakdown, accidental damage, loss and theft up to £2,000. 

However, it only Covers one phone per account holder or two in the case of a joint account. An excess of £100 is payable on all successful claims.

The £17 fee makes it a little more expensive than a few others but there are ways to reduce the cost.

Halifax is currently offering a £150 switching incentive for those who switch from another current account.

On top of the £150 bribe there are other perks to take advantage of. There is a choice of £5 a month paid into the account, two film rentals or three magazine rentals, or a free cinema ticket each month.

In order to benefit from this account holders must choose to either Spend £500 on their debit card each month or Keep at least £5,000 in the account at all times.

They must also pay in £1,500 or more into your account each month and stay in credit - keeping your balance at £0 or above.

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Chase Bank will pay £1% cashback on spending for the first 12 months . Customers also get access to an easy-access linked savings account paying 3.8% on balances up to £250,000. The account is completely free to set up and is entirely app based. Also no charges when using the card abroad.

Nationwide's FlexDirect Account offers 5% in-credit interest to new joiners when they switch on balances up to £1,500. This rate only lasts for one year. The account is fee free.

Halifax Reward Account pays £150 when you switch. Also earn up to an extra £75 cashback when you spend £750 each month for 3 months. There is a £3 monthly account fee, but that’s stopped by paying in at least £1,500 each month.

First Direct will give newcomers £175 when they switch their account . It also offers a £250 interest-free overdraft. Customers must pay in at least £1,000 within three months of opening the account.

NatWest's Select Account account pays £200 when you switch. The account has no monthly charges, but to be elligible for the £200, you'll need to deposit £1,250 into the account and log into mobile banking app within 60 days.

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Travel insurance

Free travel insurance for you and your loved ones

Travelling away from home without travel insurance puts you at risk of a number of situations. Needing medical treatment for illness, cancelled trips and other financial emergencies can turn your dream holiday into an overseas nightmare.

If you're a Premier or Advance customer, HSBC offers you free travel insurance. All you need to do is settle full or part payment of your flight, marine transport service and/or accommodation with a valid HSBC Premier/Advance debit or credit card.

Eligible accounts

What’s included.

Cover applies to you (the HSBC Premier or Advance customer) and your eligible family members* provided you are under 76 years of age for a maximum period of 90 days (HSBC Premier customer) or 60 days (HSBC Advance customer) per trip.

• free multi-trip worldwide cover
• personal accidents cover for unexpected injuries or fatal accidents
• medical expenses cover for medical treatment including hospital stays
• 24-hour emergency assistance for help when you need it most
• personal belongings cover for accidental loss, damage or theft of possessions
• travel cancellation and delay cover for when your holiday plans are disrupted
• personal liability cover for injury to someone else or damage to their property
• hire vehicle excess cover for Premier customers

A printable summary of the table of benefits highlighting your limits and excess can be found in our Important Documents page .

As with all insurance policies, terms and conditions, exclusions and limitations apply, so before each trip we recommend that you check carefully the policy documentation.

If you require additional cover, you are requested to contact Mediterranean Insurance Brokers (Malta) Ltd.

*Eligible members include partners living at the same address, as well as children living with you, under the age of 18 or under 25 if in full-time education.

Any questions

Policy queries.

Mediterranean Insurance Brokers

+356 2343 3234

Monday to Friday 08:30 - 17:00

Email Mediterranean Insurance Brokers

Premier customers

Premier Direct

+356 2148 9100

24 hours a day, 7 days a week

Advance customers

Advance dedicated line

+356 2148 9101

Monday to Saturday 08:00 - 18:00

In case of a medical emergency

In the event of a medical emergency during your trip, you must contact Global Response as soon as possible. Global Response is a world-wide organisation specialising in emergency assistance services. The service operates 24/7, 365 days a year for advice and assistance when making arrangements for hospital admission, repatriation and authorisation of medical expenses.

Over the phone:  +44 (0) 292 066 2438

By email:   [email protected]

Premier customers should quote Atlas Policy Certificate number - Travel: 167064 299 002

Advance customers should quote Atlas Policy Certificate number ­- Travel: 167064 299 001

How to make a claim

By phone.

+ 356 2343 3234

Monday to Friday from 08:30 to 17:00

Zentrum Business Centre

Level 2, Triq l-Imdina

Ħal Qormi, QRM 9010

This insurance is provided by Atlas Insurance PCC Limited and administered by Mediterranean Insurance Brokers (Malta) Ltd. A list of necessary information and documents required when making a claim can be found in our Important Documents page .

Important documents

You can download all the documents relating to our travel insurance, including terms and conditions, as well as information about what's covered and how to claim from our Important Documents page .

Frequently Asked Questions

Can i buy extra cover for a trip .

Yes, you can arrange additional cover for a trip at your own cost.

These optional extensions are available:

• Increased limit for rental vehicle excess (free up to €500 for Premier customers and can be bought separately by Advance customers)
• Winter sports extension
• Specified items extension
• Increase in baggage limit for cruises
• Cancellation of trip (extreme weather conditions)
• Maximum duration of trip extension
• Covid-19 extension

To discuss your needs and obtain a quotation, contact Mediterranean Insurance Brokers on +356 2343 3234 or email  [email protected]

How long will I be covered for? 

If you're a Premier customer you'll be covered for a single trip of up to 90 days; it's 60 days for Advance customers.

Am I covered for business trips? 

Yes, the insurance covers both holidays and business travel.

Are eligible members travelling without being accompanied by the main cardholder still covered?  

They are covered irrespective of whether travelling with the cardholder or not.

Eligible members include partners living at the same address, as well as children living with you, under the age of 18 or under 25 if in full-time education.

What information do I need when making a claim? 

When making a claim it is important that you provide the necessary information and documents required, to enable Mediterranean Insurance Brokers to proceed with the handling of your claim. These may differ from one benefit to the other, however as a minimum the following documentation will be required:

• Completed claim form
• Passport Copy
• Copy of ID card of Main Card Holder
• Flight Tickets or e-tickets (departure and arrival)
• Luggage Tags

Depending on the claim being made, additional documentation may be required such as:

• Damage report by Airline/Cruise Line (Property Irregularity Report) if claiming for damaged luggage
• Police report for lost or stolen items, within 24 hours of discovery
• Medical Report/s (if claiming any medical expenses or cancellation of travel)
• Hotel Accommodation Vouchers
• Flight & Accommodation invoices & Receipts;
• Documentation to confirm reason/s for cancellation or curtailment;
• Cancellation confirmation from Airline / Agent indicating any refund due (if any);
• Evidence of money taken abroad – this may take the form of foreign exchange receipts or cash withdrawals in case of Euros.

For further guidance contact Mediterranean Insurance Brokers on +356 2343 3234 or email   [email protected]

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Travel and Worldwide assistance

Don't let the thought of having to transfer your finances abroad take the shine off your aspirations to work, buy a second home or move overseas. HSBC Premier can make moving and living abroad as easy as it is at home.

To ensure your move is as smooth as possible, we can facilitate transfer of your credit history from India to help you access similar levels of credit in the overseas country/region. Credit history will be transferred upon request from the overseas HSBC Group and will be subject to local regulations. Premier credit card and other credit facilities shall be granted subject to overall satisfactory account performance, availability of products overseas and local regulations and discretion of the Bank in overseas country/region.

Other Advantages

• In case you are moving overseas, HSBC International Business Centre (IBC) can provide assistance towards opening of an overseas HSBC account in countries/region where HSBC Premier is offered, subject to you fulfilling local regulations and Terms and Conditions of the country/region where the account will be opened. In an event opening of account leads to any foreign currency transaction, please note that all foreign currency transactions through HSBC India are subject to   Goods and Service Tax .
• Local country/region guides to help you prepare by finding out more about the country/region you are travelling/moving to
• Guidance from accredited and experienced staff.

Leaving India

Moving to a new home abroad? Or going to study overseas? Rely on us to make your experience a whole lot simpler.

Moving to India

Get a warm welcome from HSBC Premier when you move to, return to or visit India from a foreign country/region.

Emergency services and international travel insurance

Designed to delight, it suits your needs and ensures a privileged lifestyle.

More Information

• HSBC Premier Benefits  
• HSBC Premier Features  
• Find a HSBC Premier centre  

Who can apply?

To apply for HSBC Premier, check that you meet at least one of the following criteria:

• Maintain a quarterly Total Relationship Balance 1  (TRB) of INR4,000,000 (rupees forty lakh only); or
• Have a mortgage 2 relationship with disbursal of INR11,500,000 (rupees one crore fifteen lakh only) or more, with HSBC India; or
• Hold a corporate salary account under the HSBC Corporate Employee Programme (CEP) 3 in India with a net monthly salary credit of INR300,000 (rupees three lakh only) or more into the account; or

If you're an HSBC Premier customer in another country/region, you're already eligible to join Premier in India - Simply speak to our Premier team for further help.

Complete eligibility criteria 

Premier customers meeting Premier Eligibility (qualified Premier customers) as above can add their children (up to the age of 30 years old) or their parents who then can avail Premier benefits as part of the single Premier family relationship. Beyond the age of 30 years, any family member classified as "children" will need to individually meet Premier eligibility.

1  HSBC Premier customers in India are required to meet the Total Relationship Balance (TRB) criteria of INR4,000,000 (Rupees Forty Lakhs only) quarterly. The TRB will be calculated based on the following:

• Average quarterly balance held in your HSBC Savings/Current Account(s)
• Average quarterly balance held in your HSBC Fixed Deposits
• Investments 4  market value or net purchase value, whichever is higher as on the last day of every calendar quarter
• Life-to-date (total) paid-up life insurance 5  premium for policies in force as on the last day of every calendar quarter
• Market value of demat holdings in the depository account held with HSBC India as on the last day of every calendar quarter

The above can also include balances maintained by your family members 6  in their HSBC Premier Accounts, subject to the accounts being categorized as part of a single relationship 7

If you are an eligible HSBC Premier customer in any other country/region 8 , you are entitled to receive HSBC Premier Services in India and you need not maintain the quarterly TRB with us. If we observe that the eligibility criterion is not maintained consistently, the Bank may be constrained to reclassify your HSBC Premier account to an alternate offering. You will receive further communication and due notice prior to any such account reclassification.

4  The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) currently offers investment products from third party entities registered and regulated in India. Investments are subject to prevailing market conditions/external factors. Mutual Funds are subject to market risks. Please read the Statement of Additional Information (SAI)/Key Information Memorandum (KIM)/Scheme Information Document (SID) and addendums carefully before investing.

5  Insurance is the subject matter of solicitation. HSBC India having its registered office at 52/60, M. G. Road, Fort, Mumbai - 400 001, is the Corporate Agent (Registration No.: CA0016) of Canara HSBC Life Insurance Company Limited (CHL) and Bharti AXA General Insurance Company (BAGI). HSBC India does not underwrite the risk or act as an insurer. For more details on risk factors, terms and conditions, please read the sales brochure carefully, before concluding a sale. Purchase of any insurance products by a bank’s customer is purely voluntary and is not linked to availment of any other facility from the Bank. The contract of insurance is between the insurer and the insured and not between the Bank and the insured. For more details on risk factors, terms and condition, please read the sales brochure carefully before concluding a sale.

6  "Family members" for TRB relationship in HSBC Premier are defined as any of the following relatives: spouse, partners, children (up to the age of 30 years old) of eligible HSBC Premier customers. Beyond the age of 30 years, any family members classified as ‘children’ will need to individually meet Premier eligibility.

7  In case of delinking of any individual account/s from the HSBC Premier relationship, the delinked account(s) will be classified as individual account(s) relationship and the quarterly Premier TRB will need to be met.

8  Applicable in countries/regions or locations where HSBC Premier is offered. Please refer to the HSBC India website for the complete list of such countries/regions. To enjoy these benefits, you are required to fulfil the eligibility requirements of HSBC Premier on a continuing basis.

2  Mortgage eligibility for Premier proposition is based on home loan value of greater than or equal to INR1.15 crores (Rupees one crore fifteen lakh only). The waiver on balance based charges related to non-maintenance of TRB will be valid for the life of the mortgage relationship with HSBC India. Pursuant to the termination of mortgage relationship, you will need to maintain the applicable Premier TRB eligibility.

3  If you do not receive a salary credit/ receive a salary credit of an amount lower than INR300,000 (Rupees three lakh only), we will reclassify your account to an alternate offering after providing due notice.

Quarterly Service Charges :

HSBC Premier Customers who do not meet the Premier Mortgage criteria or Premier CEP criteria will need to maintain the applicable Premier TRB criteria.

If the TRB criteria is not met for a particular quarter, we will levy a quarterly service charge of 0.2% on the shortfall in the TRB, up to a maximum of INR2,000 (Plus applicable taxes 9 ).

When you do not meet the minimum TRB for a particular quarter, we will notify you in the following quarter and request you to build the TRB by the quarter.

• If you build the requisite TRB in the next quarter, we will not levy the service charges.
• However, if you do not build the TRB for two consecutive quarters, we will levy the service charge on the lower of the TRB shortfall between these two quarters.

(Note that the above mentioned service charges will not be applicable for Premier customers who hold a corporate salary account with HSBC)

9  Please note that basis Goods and Services Tax (GST) regulations and notified GST rates, Central GST, State/Union Territory GST, or Inter-State GST, as applicable, and Cess as applicable would apply on our fees and charges.

Reclassification : If we observe that the above eligibility criterion is not maintained consistently, the Bank may be constrained to reclassify your HSBC Premier account to an alternate offering. You will receive further communication and due notice prior to any such account reclassification.

Account documents 

• HSBC Premier Service Charges, Fees and Account Rules/ Terms and conditions (PDF, 310 KB) HSBC Premier Service Charges, Fees and Account Rules/ Terms and conditions (PDF, 310 KB) Download
• HSBC Premier e-brochure (PDF, 17.1 MB) HSBC Premier e-brochure (PDF, 17.1 MB) Download

Useful links 

•   General Account terms & conditions General Account terms & conditions Modal link
•   HSBC Premier services fees & charges HSBC Premier services fees & charges Modal link
•   General FAQs General FAQs Modal link
•   Find a HSBC Premier centre Find a HSBC Premier centre Modal link

Join HSBC Premier today

Get an immediate callback.

Fill in the callback form and we'll phone you back to discuss your application for an HSBC Premier account.

Apply now by phone

Call us on  1800 266 3456   or  1800 120 4722

From overseas call:

+91-40-61268001 or +91-80-71898001

Apply in branch

To apply in a branch, just bring your identification document and a recent proof of address.

Connect with us

Term life vs. permanent life insurance

• Term life insurance 

Whole life insurance

Universal life insurance, variable life insurance, variable universal life insurance, simplified issue life insurance, guaranteed issue life insurance, group life insurance, choosing the right type of life insurance, types of insurance faqs, exploring the types of life insurance: a comprehensive guide.

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.

• Permanent life insurance lasts your lifetime and accrues cash value in addition to offering a death benefit.
• Term life lasts for a specified time and then expires, but it's cheaper than permanent life.
• There are several types of term and permanent life policies, and some don't require a medical exam.

Life insurance is a contract between you and the life insurance company. You'll pay monthly or annual premiums for coverage. If you pass away while your policy is in effect, your insurer must pay a death benefit or your policy's proceeds to your chosen beneficiary.

Life insurance is a crucial tool to manage your risk and protect your loved ones financially. "If you don't make it home and someone relies on your income to live, you need life insurance," says Mark Williams, CEO of Brokers International.

The best life insurance policy for you depends on your budget as well as your financial goals. There are two main types of life insurance policies to choose from: permanent life and term life.

The difference between term life insurance and permanent life insurance is similar to the difference between renting an apartment (term life) and owning a home (permanent life).

When you rent, you have a lease for a certain amount of time. When that lease is over, you can renew it. Likewise, term insurance lasts for a specified period. When it ends, you can reapply for coverage, but your premiums will likely increase based on your age and health status.

Permanent life insurance has a death benefit for your beneficiaries and a cash value you can use during your lifetime. It's like owning a home. Like a home, you build equity in your policy, which you can use as collateral. You can also use your cash value to leave a larger death benefit to your heirs when you pass away. 

Whether you choose permanent or term life insurance, you must undergo the underwriting process. During the underwriting process, your insurer gathers information about your health, job, income, finances, and other personal information to evaluate your risk level. It may require a medical exam, which includes collecting a blood and urine sample. Based on your risk level, the insurer determines your eligibility, premiums, and coverage amount.

The table below highlights the core differences between term and permanent life insurance. 

Term life insurance 

What is it .

The most popular type of term life insurance is a level term policy. You pay fixed premiums for a designated term—usually between ten and 30 years—for a fixed death benefit. If you die during your term, your beneficiaries receive a death benefit. If you outlive your policy and pass away without renewing your coverage, your beneficiaries won't receive a death benefit.

There are also other types of term life insurance policies, some more popular or expensive than others. Take a look at the list below for the top term life policies and their features.

• Annual yearly renewable (ART): This policy provides coverage one year at a time up to a specified age, without an additional medical exam. However, premiums increase each year as you age.
• Return of premium: Returns part or all of the money you've already paid if you haven't used the policy once your term ends. You'll pay an extra premium for this feature.
• Convertible term life: This allows you to convert a term life policy into permanent life insurance without additional evidence of insurability.

Who is it best for? 

Term life insurance provides coverage for a certain amount of time. This makes it suitable for most applicants, as most people's financial obligations decrease as they age. It's also the most affordable life insurance policy, making it accessible to most individuals. You can find our guide on the best term life insurance here.

Whole life insurance is a lifelong or permanent policy in which you pay a fixed premium for a guaranteed death benefit. The insurance company saves a portion of your premium in its own portfolio to increase your policy's cash value. Since whole life insurance offers many guarantees, it's one of the costlier life insurance policies.

Whole life insurance is an excellent option if you need long-term coverage, like if you have lifelong dependents or are a business owner. If you'd like to build a tax-free legacy for your dependents with little to no market risk, a whole life policy may be the way to go. You can find our guide on the best whole life insurance here.

Universal life insurance allows more flexibility than a whole life policy. You can raise or lower your death benefit, which increases or decreases your premiums based on your financial situation and needs. For example, if you find that you need less coverage because your children are grown up and your mortgage is almost paid off, you can lower your death benefit. As a result, this decreases your premiums. 

If you'd like lifelong coverage, steady cash value growth, and flexibility in your premium payments and coverage amounts to align with changing financial needs, universal life insurance could be the perfect policy for you. You can find our guide on the best universal life insurance here.

Variable life (VL) insurance policy, a type of permanent life insurance , was created years after universal life for people who didn't like how whole and universal life commingled their investments with the insurance company. 

Your money is invested in subaccounts that track underlying mutual funds, bonds, and stocks. If the market does well, so do you. If the market falls, so does your cash value, making it riskier than whole and universal life.

VL insurance is best for someone who wants control over how their cash value is invested and can tolerate increased market risk for higher returns. Since life insurance policies tend to yield subpar returns, VL may be best suited for high-net-worth investors who have maxed out other tax-advantaged investment vehicles (i.e., 401(k)s, Individual Retirement Accounts (IRA)s, etc.). 

Variable universal life (VUL) insurance is a combination of universal and variable life insurance. You can raise or lower your death benefit and have your cash value invested in subaccounts that mirror the performance of underlying investments. Again, this is risky, but if the market does well, so does your cash value.

Like a VL policy, VUL is best for those who want lifelong coverage, more investment options, and the ability to weather increased risk for higher returns. It's also suitable for those hat want flexible premium payments and coverage amounts. You can find our guide on the best universal life insurance here.

Simplified issue life insurance doesn't require a medical exam, but you still have to complete a health questionnaire and provide access to medical records. If you fail to disclose a condition and die, your insurance company can deny death benefits to your beneficiaries. 

It's worth noting that some insurance companies enforce graded death benefits, which refers to your insurer withholding your full death benefits for the first few years of coverage.

Simplified issue life insurance is suitable for applicants of all ages with mild to moderate medical conditions (e.g., asthma, obesity, mental health issues, etc.) You can find our guide on the best no exam life insurance .

Guaranteed issue life insurance is easier to obtain because it doesn't require a medical exam or health questionnaire. However, it has several drawbacks. One of those drawbacks is you must be 50 and older to apply. Plus, since this policy is catered towards high-risk applicants, premiums are usually higher, and coverage amounts are limited. 

Guaranteed issue life insurance is also known as final expense insurance since it offers low death benefit amounts and tends only to cover funeral and burial expenses. 

Guaranteed issue life insurance is a viable option for individuals who struggle to obtain traditional life insurance, like seniors, smokers, and applications with chronic, severe, terminal illnesses or multiple health conditions. You can find our guide on the best life insurance for seniors here.

Group life insurance is employer-provided life insurance, usually offered for free as part of the company's benefits. However, if you are discharged, retire, or quit, you will lose coverage. Plus, group life insurance usually has limited coverage amounts and options compared to private life insurers. 

Consider group life insurance if you're employed with a company that offers this benefit and you anticipate staying with the company in the long run. 

The best life insurance policy for you depends on your budget and financial situation. If you have a fixed income with temporary needs, term life insurance may be best for you. If you have health issues that may prevent you from traditional coverage, you may want to consider no medical examination life insurance . If you want coverage for your dependents in the event of your untimely death, then a term life policy works. If you want to build wealth and leave a legacy, a permanent life insurance policy is best.

Your life insurance needs will change as you age, and you'll need to consider children , marriage, divorce, retirement, and caring for aging parents. Consider consulting a financial advisor, estate attorney, and accountant to ensure you have the proper coverage for your goals and life changes. Also, talk to your insurance agent or financial planner about what works best for you and your budget based on your financial situation.

Term life insurance provides coverage for a certain period of time (usually ten to 30 years). Whole life insurance offers lifelong coverage along with a cash value component.

Many term policies have built-in term-to-perm conversion options. If not, you can include it as a rider or an add-on to your policy at an additional premium. This allows you to convert your term policy to a whole life policy without undergoing an additional medical exam or health questionnaire. 

Policies like variable life and variable universal life insurance insurance allow policyholders to invest the cash value in separate accounts that track underlying investments, This offers the potential for growth but exposes you to market volatility, increasing your risk. 

If you don't qualify for traditional life insurance, no medical exam policies like simplified issue or guaranteed issue may be an option. However, these policies tend to have higher premiums and lower coverage amounts.

Consider your financial goals, coverage needs, budget, and any current or potential health issues. Work with a financial advisor for personalized guidance on your individual situation.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

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