With HSBC’s Select and Cover, customers can choose a minimum of three of the following types of cover: Mobile phone, gadget, home emergency, life, excess protection, motor breakdown and travel.

Customers will pay £19.50 a month if they pick three options; £26 a month for four; £32.50 for five; £39 for six; or £45.50 a month for all seven types of cover.

If their needs or circumstances change, customers can add and remove one option during the year, as long as they maintain a minimum of three, and change all their options once a year on the policy anniversary.

HSBC said combining covers can reduce the aggregated cost, thereby saving customers money when compared to purchasing individual policies.

Select and Cover is a pay monthly service and customers can cancel at any time without penalty. Each policy covers the policy holder, their spouse, domestic or civil partner and their children.

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James Hewitson, head of wealth and advice at HSBC UK, said: “We know that customers want to protect the things they love, and we’ve now made that easier than ever.

“Whether you’re selling your car so no longer need breakdown cover but you need insurance for that upcoming family holiday, Select and Cover allows you to switch options to suit you and your family’s evolving needs. It also makes it easier to manage your policies by keeping them all in the same place and managed by one provider.”

Research carried out by YouGov on behalf of HSBC UK showed convenience and flexibility were the two main drivers for insurance customers and identified a strong desire for subscription type services instead of fixed contracts.

Tom Cheesewright, leading futurist and author of High Frequency Change, said: “Our lives are full of choices now, so we naturally want to explore all our options. But we’re restricted by the friction that builds up around our lives: long term agreements for housing, transport, connectivity, and insurance.

“Making insurance cover more flexible reduces this friction and allows us to make the choices we want to make, and respond to the opportunities life sends our way.”

Motor breakdown is the most popular type of cover, according to HSBC UK data, with 37 per cent of UK adults holding a policy.

HSBC research also found that despite two thirds of UK adults travelling abroad at least once a year (66 per cent), and 32 per cent taking multiple trips, only a quarter (23 per cent) have an annual travel insurance policy.

Select and Cover is available online to HSBC UK customers who are registered for online banking.