Protecting What's Most Important: Insuring a Better Quality of Life

The Challenge

Well-being is a balancing act, spanning physical, mental and financial health. When juggling all three aspects, proactively planning for the future pays off. Whether it’s protection from the unexpected, insuring your health or safeguarding your wealth through the generations, financial protection offers a peace of mind that enables you to achieve a stronger quality of life.

According to the HSBC Quality of Life Report 2023, ensuring sufficient protection against unexpected adversities is one of the most important overall life goals for independent financial decision-makers*, alongside spending time with family and friends, and traveling and seeing the world.

And protection remains essential to achieving these goals, with more than one in two respondents citing investment-linked life insurance and protection plans as services they need. Yet only 38% are certain of currently having enough medical protection, for example.

“For reasons from inertia to avoidance, protection isn’t always top of mind. But we can never anticipate the future, so the best way to get ahead is by planning for all eventualities. It’s never too early to start safeguarding our own well-being, as well as the financial protection of our loved ones,” notes Greg Hingston, CEO, HSBC Global Insurance and Partnerships.

The Impact

It’s loved ones who hold the highest stakes, with the HSBC Quality of Life Report 2023 uncovering a family-first focus. Respondents ranked spending quality time with their family and loved ones as a top priority in achieving a good quality of life. They further cited providing financial support for their family among their top three financial motivations, along with gaining wealth for financial security and planning for retirement.

“Taking care of our families isn’t just about looking after their financial needs, but safeguarding their mental and physical wellness as well – and ensuring we’re in the best place ourselves to spend quality time with them,” explains Hingston. “That’s why addressing quality of life holistically has such a compounding effect. Increasing our resilience across these three dimensions usually comes down to good planning, and from a financial perspective, an understanding of the need for protection is fundamental.”

Beyond immediate coverage, HSBC's protection services also span long-term financial planning and wealth management.

“As global leaders in holistic protection planning, HSBC provides personalized tools and solutions to protect what’s most important to you,” Hingston adds.

“Our protection services connect every individual’s unique goals with our global network of professional advisors and digital offerings, providing peace of mind in how your family and your finances are protected, now and in the future.”

The Takeaway

As physical, mental and financial fitness become increasingly entwined, financial protection acts as the first building block to the two adjacent blocks.

The right protection plan, covering all the things that matter to you, can give you the confidence and financial freedom to live life to the full. No matter what the future brings, having the right plans in place can give you choices.

“Protecting your financial future isn’t just about taking out insurance to protect you against life’s risks,” says Hingston. “It’s also about deciding how and where to put savings aside to protect the people and things that you love, and to ensure you're prepared financially if things don’t go to plan. With HSBC's expert guidance, plan ahead to build a wealth portfolio with a solid foundation that stands the test of time – because the best way to prepare for any future is to protect it.”

Discover the HSBC Quality of Life Report 2023 here.

To find out more about HSBC’s protection services and total wealth planning solutions, please visit HSBC and Wealth or speak to an HSBC advisor today.

*Decision-makers were defined as those with investable assets of at least USD25K across nine diverse markets (mainland China, Hong Kong, India, Singapore, Malaysia, Mexico, the United Arab Emirates, the United Kingdom and the United States).