Flip Insurance launches ‘first-of-its-kind’ cover for children
Flip Insurance launches ‘first-of-its-kind’ cover for children | Insurance Business Australia
Insurance News
Flip Insurance launches ‘first-of-its-kind’ cover for children
Product’s benefits structure amended
Insurance News
By
Roxanne Libatique
On-demand accidental injury insurer Flip Insurance (Flip) has launched Flip Kids, said to be a “first-of-its-kind” insurance product for children aged five to 17.
Flip Kids provides cover for common treatments of injuries such as X-rays, getting a cast, and various levels of hospital care.
There are over 40,000 hospitalisations for injuries among five to 14-year-olds annually, not counting those who turn up to A&E and are not admitted, according to Flip.
“Unfortunately, injuries can be a part of the journey, but we believe getting coverage for accidental injuries can and should be hassle-free,” said Zac Hancock, head of growth at Flip. “Flip Kids does just that – enabling parents to support their children in discovering new thrills, with some cover for the potential financial consequences, but without the headaches of traditional insurance policies.”
Benefits structure
Flip has updated the benefits structure for Flip Kids and Flip Active products. Changes include:
Payouts depending on injury severity, as determined by the medical services or treatments required.
Cover for a broader scope of injuries
Clearer evidence requirements
Maximum serious injury claim value increased to $50,000.
Parents and legal guardians who take out Flip Kids before their child gets injured will be eligible to claim, Flip said. The payout depends on the treatment and can be up to $50,000 cumulatively, for the more serious stuff.
“The payouts can help with those unexpected costs that get lost in the loopholes of other kinds of insurance – costs associated with paying for extra childcare if your kid has to take time off school, for example, or out-of-hospital medical supplies like dressings or crutches. With Flip Kids, the cash is there for parents to use how they best see fit – so their little ones can be back out and exploring again soon,” Hancock said.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
