Does Household Life Insurance Company Still Sell Insurance?

UPDATED: Mar 25, 2013

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UPDATED: Mar 25, 2013Fact Checked

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Asked March 25, 2013

1 Answer

Household Life Insurance Company is one of many companies that belong to the HSBC Finance Corporation. As a wholly owned subsidiary, Household Life Insurance Company does not market directly to consumers. Further changes were made in 2009 that caused a loss of rating and the discontinuation of services for Household Life Insurance Company.

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Company History
Household Life Insurance Company was founded in 1980 as an underwriter for health and life insurance for the HSBC group. The company also has a wholly owned subsidiary, First Central Life Insurance Company of New York. In 2009 HSBC made the decision to stop accepting new customers for the Household Life Insurance Company. At that time, the company ceased to operate independently, and the 2.5 million dollars of company assets were absorbed into the parent corporation.

Company Ratings
Household Life Insurance Company is not rated individually, but instead inherits the ratings of the parent company. A.M. Best downgraded the HSBC rating in August of 2012, dropping the rating from "A-" to "B++ (stable)." Additionally, the long term outlook for the corporation was downgraded to "bbb+" with a stable long term outlook. These downgrades are a direct result of HSBC's decision to discontinue offering health and life insurance, thereby eliminating the credit backing needed by Household Life Insurance Company.

Insurance Products Offered
Household Life Insurance Company sold two primary types of insurance: health and life. Life insurance products were distributed in both whole and term life, as well as such policies as accidental death and dismemberment. At this time, Household Life Insurance Company is not accepting new customers or offering products to existing ones.

Answered March 25, 2013 by Anonymous

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