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Reviewing the HSBC Life Diamond Prestige IUL yielded some eyebrow raising notes for me. Before I reveal them, let me state IUL stands for Indexed Universal Life. And in this policy, you can allocate funds between the General Account and Index Account, to suit your risk appetite as you prefer.
HSBC Life Diamond Prestige IUL Change of Life Insured feature allows transferring the policy up to 2 times, to your loved ones without the need for them to purchase a new one. Corporate-owned policies enjoy unlimited changes of life insured. You can guess which part raises eyebrows.
Guaranteed minimum surrender value and no-lapse guarantee benefit features are not unusual in the UL (Universal Life) space. But HSBC Life Diamond Prestige IUL has loyalty bonus of 0.35% crediting rate in addition to the rate declared for your General Account and Index Account from policy year 11 onwards.
Some things to note. This review post will get dated. And the product might not be available for new subscriptions at some point. Hopefully this serves as reference for future policyholders who have forgotten what they have taken up.
There can be shifts in planning narratives over time. For example, limited premium tenures gain popularity over the years because people are less confident of their future earning capacity or sustainability of income levels. Regular payout features gained popularity when more and more people are in tune with the FIRE (Financial independence retire early) movement. An extended period of low interest rates brought down insurance products’ returns yield for policy holders, but now in a rising interest rates environment, things are set to change.
HSBC Life Diamond Prestige IUL may or may not fit into your financial plans. Understand that there is no best plan for all time, but there is a method to objectively facilitate your decisions. Read more about it here.
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