HSBC Bank has announced that it will add Life Trust Insurance's Longevity Income Plan to its investment panel.

Life Trust’s Longevity Income Plan (LIP), a new product designed to tackle the financial issues arising from increasing longevity, will be included on HSBC’s list of approved products authorized for distribution through its network of wealth managers.

This deal will allow 285 premier financial managers across 16 HSBC branches throughout the UK to offer the LIP to their clients and so provide protection against their savings and investments running down in their later years.

Andy Briscoe, CEO of Life Trust, said: HSBC is one of the largest financial institutions in the world and has a major financial advisory presence in the UK. We are delighted that such an influential player has added the Longevity Income Plan to its list of approved products.

Steve Conley, head of investments at HSBC Bank, added: As one of the leading brands in financial services, we feel it is important that HSBC Bank is involved in efforts to tackle the financial issues associated with increasing longevity. We want our efforts in raising awareness about the financial risks to be matched by a commitment to provide innovative solutions, and we believe that authorizing our premier financial managers to sell the LIP is a key step in the right direction.