Many people will encounter the problem of renewal when buying some short-term insurance, but it is easy to confuse the promised renewal with the guaranteed renewal. Guaranteed renewal and promised renewal are generally embodied in one-year short-term medical insurance, but there are great differences.
Commitment to renew insurance means that the applicant applies to the insurance company after the end of a policy year. Insurance companies will not refuse insurance according to the insured's physical condition or previous compensation, but may adjust the renewal premium rate appropriately, but will not make different renewal decisions for individuals. Commitment to renewal is common in many medical insurances.
Guarantee renewal means that if the insured applies for renewal during the guarantee renewal period, the insurance company will no longer underwrite the insurance, but unconditionally renew the insurance without increasing the cost and adjusting the rate, which is equivalent to operating according to the long-term health insurance. When buying insurance, you should pay attention to whether to guarantee renewal or promise renewal. Many medical insurance products on the market are promised to be renewed. General life insurance companies and health insurance companies are eligible to sell products that guarantee renewal. Property insurance companies can only operate short-term health insurance, but the product contracts sold by property insurance companies do not guarantee renewal. I suggest that when you buy medical insurance, you should pay more attention to whether the product will stop renewal because of the suspension of sales, and whether it will be refused after the previous claim.