Healthcare Insurance

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Difference between Yearly Renewal and Guaranteed Renewal

The Consumer Council received 164 complaints relating to medical insurance in 2006 and 2007, of which 29 complaints (17%) were related to policy renewal, such as decline of renewal, mid-term termination of policy and increased premiums.

The insured may not be aware that most health insurance policies in the market are on a yearly renewable basis up to a certain age. An annually renewable policy is subject to insurance market conditions and the insurer's capacity to provide cover. For yearly renewable policies with a poor claims history, some insurance companies may not renew the policy, or may apply premium loading or impose restrictions based on the insured's health condition.

However, MSIG's MediSure Plus offers Lifelong Guaranteed Renewal. Policies will be renewed regardless of the insured's age, his/her health condition or the number of claims that have been made. Adjustments to premium or policy terms will only be made on the company portfolio basis.

To assure lifelong health insurance protection, you are advised to make sure that the health insurance policy provides lifelong cover with guaranteed renewal.

MSIG's MediSure Plus provides lifelong cover with guaranteed renewal for a lifetime's peace of mind. Customers only need to pay the required premium for renewal and the policy will be renewed automatically.

Learn more about our insurance plans:
CriticalCare 1.0
MediSure Plus

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