PTA: High street bank joins growing band of firms to jump on the bandwagon post A-Day
HSBC has become the first bank to enter the pension term assurance (PTA) market.
The bank's Life Cover with Tax Relief and Mortgage Cover with Tax Relief are available as single life on level or decreasing term.
Dennis Smith, head of life and pensions at HSBC, said: "At HSBC we want to ensure our customers get good value for money. We are delighted to be the first bank to enhance our life products by including tax relief on premiums."
HSBC is also offering a mortgage guarantee on its Mortgage Cover with Tax Relief.
It guarantees that, for valid claims, HSBC will pay the higher of the sum assured and the mortgage balance as long as the cover was taken out alongside an HSBC mortgage.
"HSBC has included a mortgage guarantee on its Mortgage Cover with Tax Relief cover, which is a unique aspect of this policy," added Smith.
Norwich Union has also entered the PTA sector. Its Life Insurance with Tax Relief is available as single life on a level term, while its Mortgage Life Insurance with Tax Relief is available as single life on a decreasing term.
The two firms are the latest in a string of providers to launch a PTA product post A-Day.
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