What:
Insurtech Flip, subsidiary of HCF Life, has introduced an on-demand injury insurance for $6 a day in Australia.
Why:
Unlike health insurance, Flip says it covers specific injuries caused by accidents, and policyholders receive cash payouts directly to spend however they like.
How:
- There are two main cover options: (1) a day pass for a single day of cover and (2) an “always-on” subscription for ongoing protection costing $9 a week.
- It can be canceled any time and has a “Boost” option to double the payout rates for $6 extra on any chosen day.
- There is no waiting period and no cancellation fee.
- The cover offers a payout of $20,000 for injuries where the loss is total and irreversible, such as loss of arms, legs, hearing, and sight.
- A payout of $2,000 for surgery requiring hospital admission and major dental treatment is covered, while a payout of $200 covers injuries that don’t require surgery.
- Policyholders must see a health professional to confirm the injury within 14 days of the accident.
- Motorcycling, dental injuries while eating or drinking and accidents outside Australia are not covered.
- Premiums for Flip cover are paid to HCF Life, which receives a commission of 80% of HCF Life’s underwriting profit each year.