M&S Life Insurance payment deferral (Information provided by HSBC Life (UK) Limited)

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 2019
  • 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 due.
  • 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 support@lifeinsurance.mandsbank.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 period.
  • 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.