£93 Million Paid Out in Life & Critical Illness Insurance Claims
- ✅ 97.53% of life insurance claims were paid
- ✅ 94.44% of critical illness claims were paid
- ✅ £15.5 million of critical illness claims were related to cancer
Fast Life Insurance Payouts When Time Matters Most
Claims were settled with impressive speed in 2024 — averaging just 19 days from claim to payout. In Q1 2025, that improved even further to 13 days, thanks to a new digital medical reporting process.
A recent example shows HSBC agreeing a terminal illness claim and paying the full sum on the same day it was notified — giving the customer peace of mind immediately.
Most Common Reasons for Life & Critical Illness Claims
Top Causes of Life Insurance Claims
- 40% were due to cancer
- 12% caused by heart disease
- 11% due to respiratory conditions
Top Causes of Critical Illness Claims
- 65% were cancer-related
- 12% were heart attacks
- 6% were strokes
Critically, 50% of female cancer-related claims were for breast cancer — highlighting the importance of tailored women’s life insurance and critical illness cover.
Award-Winning Claims Support from HSBC Life
- 🏆 Outstanding Performance in Claims Handling – Protection Guru Awards
- 🏆 Woman of the Year – Claims – COVER Women in Protection and Health Awards
- 🏆 Woman in Protection – Financial Reporter Women’s Recognition Awards
This recognition reflects HSBC Life’s ongoing investment in customer care, fairness, and compassionate claims handling.
Simplified, Paperless Claims Process for Policyholders
- 📞 A dedicated claims handler supports customers every step of the way
- 📄 A completely paperless process, no forms or postal delays
- 🧰 Customer-supplied medical evidence accepted in many cases
🔍 HSBC Life 2024 Claims Summary – At a Glance
- £93 million paid out across life and critical illness policies
- 97.53% of life insurance claims approved
- 94.44% of critical illness claims approved
- Average claim settlement time down to 13 days in early 2025
- Cancer is the leading cause of both life and critical illness claims
- 50% of female cancer claims were for breast cancer
- Award-winning performance and customer service
- Fast, compassionate, digital-first claims process
Why This Matters for Our Clients
At Red Star Financial Services, we don’t just recommend insurance — we work with providers who share our values. HSBC Life’s 2024 performance shows that protection insurance really does deliver when it counts.
If you’re reviewing your existing life insurance or critical illness cover, or want to better understand what protection is right for your needs, speak to one of our expert advisers today.
Because the right protection today can change everything tomorrow.