Payment deferral application and other important
information for existing M&S Life Insurance policyholders
M&S Life Insurance is arranged, administered and provided by HSBC Life
(UK) Limited. They
have provided the information on this page to help you understand the financial support and
payment holiday options available to you during the Covid-19 outbreak. Please read the
information on this page carefully; for further information and to apply for payment
deferral, please contact the dedicated HSBC Life helpline for M&S Life Insurance
policyholders on 0333 207 4240.
All references to "we", "us" and "our" on this page refer to
HSBC Life (UK) Limited.
If you have been financially impacted by Covid-19 and are struggling to pay monthly premiums
on your M&S Life Insurance policy, HSBC Life (UK) Limited can defer your monthly premium
payments for up to three months.
You will need to repay these missed premiums after the payment deferral period ends. You
should check the criteria and important information below prior to requesting a payment
deferral, to ensure it is right for you. You should also consider your current and future
financial and personal circumstances before applying, as a payment deferral (or "holiday")
period may only be suitable for short-term financial concerns.
Who can request a payment deferral?
You must hold an M&S Life Insurance policy purchased after 12 December
- The policy must be currently active and you must have paid at
least one monthly
premium on the policy prior to requesting the deferral.
- You can request a payment deferral if you are or have been facing financial
difficulty as a result of Covid-19.
How will the payment deferral work?
- You can request a deferral of premium payments for a three month period.
Provided your policy meets the payment deferral criteria listed above, you can
apply to defer your premium payments for three months. These missed premiums
must then be repaid when the payment deferral period ends (in the fourth
calendar month) together with that month's premium.
- The overall premium payable will remain the same and no charges, interest or
fees will be payable for using this service. However, your monthly payment on
the fourth month will increase to include the previous three months' premiums
- We will send you an e-mail confirming your request has been accepted once it has
been processed, and confirm your revised payment schedule for the four month
period and subsequent months.
- Should you need further help with payments at the end of the period, you can
talk to us again as the three month period is coming to an end to discuss
further options and support available to you. We will write to your registered
e-mail address a month before the deferral period is due to end, to confirm you
are due to recommence premium payments and signpost how to discuss your options
with us if you are still in financial difficulty at that time.
How can I request the payment
deferral and what action do I need to take?
Prior to applying, you should ensure you have read and understand all information
provided on this page. Your policy must meet the listed criteria in order to apply, and
we will ask you to confirm that you have understood the important information and terms
outlined on this page, including that your future payment(s) will be increased and
collected using your current Direct Debit arrangement.
- You can apply for payment deferral by calling us on 0333 207 4240 (lines are open Monday to
Friday between 9am and 5.30pm, excluding public holidays), by e-mailing email@example.com
or by post in writing to M&S Life Insurance, C/O HSBC Life (UK) Ltd, PO Box
1053, St Albans AL1 9QG.
- We will acknowledge your request and, if eligible, send you a confirmation of
your payment deferral arrangement to your registered email address. If you would
prefer to receive communication via post, please let us know when you contact
us. Our correspondence will include confirmation of your revised future payment
schedule and outline the total amount payable at the end of your deferral
- You must not cancel your Direct Debit or any future payment
arrangement – we will automatically update this to ensure no
payments are collected in the period and the increased payment is taken on the
fourth month. From the end of the deferral period, we will continue to take
payments on the same date each month as we did before.
Will any interest and/or other
charges apply for this deferral?
The payment deferral is free of charge. No interest will be charged by us on the deferred
premium payments, however we will collect these together with your next premium due
(calendar month four) at the end of your payment deferral period.
A revised schedule of payments will be clearly communicated in our correspondence when
confirming we have accepted your request. This will be sent to your registered e-mail
address or, if you have requested this, by post.
Can I apply if I have already missed one or two payments?
Yes. You can still contact us to apply. The one or two payments you have missed will count as part of the maximum of three months' payments you can defer. For example, if you have missed one payment we will defer the collection of that payment and the two subsequent months' premiums. At the end of the three months, we will collect all three premiums together with the fourth calendar month's premium payment.
Can I apply if I have missed three payments?
If you have missed three payments, you will not be able to apply for further deferral. However, you can contact us on 0333 207 4240 to discuss the options available to you.