Bank Launches Flexible Multi-risk Cover as it Targets Insurance Sector

Banking giant HSBC is to offer customers a mix and match insurance cover with the ability to chop and change mid term.

The “build you own” product is entitled “Select and Cover” and provides homeowners with the ability to choose all or some of seven insurance products with the monthly premiums tailored to that choice.

The scheme was launched this week and will allow policyholders to choose the covers from

life insurance, mobile phone, gadget, home emergency, excess payment protection, motor breakdown and travel.

However, they have to pick a minimum of three of the seven and premiums, start at £19.50 a month for three and rise to £45.50 for those who want to take out the seven.

While the subscription can be cancelled at any time policyholders also have the option to swap a single cover as long as they maintain the three cover minimum, as the year progresses. They can change all of their option in renewal at the end of the policy year.

James Hewitson, head of wealth and advice at HSBC UK, said: “We know that customers want to protect the things they love, and we’ve now made that easier than ever.

“Select and Cover allows you to switch options to suit you and your family’s evolving needs. It also makes it easier to manage your policies by keeping them all in the same place and managed by one provider.”