Insurtech Flip, a wholly owned subsidiary of HCF Life, has launched on-demand accidental injury insurance for children aged 5-17. 

For $7 a day, $25 a week or $40 a month, parents can purchase in advance or “on the go as you pull up to take the kids to that new skateboard park or get ready for them to hit the ski slopes – likely for less than you’ll pay for parking,” Flip says. 

HCF launched Flip in 2021 in partnership with BCG Digital Ventures (BCGDV), part of The Boston Consulting Group, with on-demand injury insurance is available for as little as $6 a day.  

Snowsport enthusiasts, gym-goers and cyclists make up the bulk of Flip customers.  

The new product can be turned on and off for the days, weeks, or months parents and guardians want insurance covering kids during almost every activity. 

Payouts depend on the severity of the injury, which is determined by the medical services or treatments required, with a maximum claim value for serious injury of $50,000. 

“Flip Kids covers (almost) any activity - from Saturday sports to pogo sticking. Even if they feel like giving defying gravity a go, Flip will have kids’ backs,” the insurtech said. 

Flip Insurance Head of Growth Zac Hancock says getting coverage for accidental injuries can and should be hassle-free. 

“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 … with no need to lock into an overcomplicated annual policy,” he said. 

Payouts depend on the severity of the injury, such as whether it requires an x-ray, a cast, or a stay in hospital - up to $50,000 cumulatively. 

"With cash landing straight into the account holder's bank account, Flip Kids helps fill in the gaps that Medicare and private health insurance leave behind,” it says. 

Mr Hancock says Flip Kids provides flexible cash and that can help with unexpected costs that “get lost in the loopholes of other kinds of insurance,” such as extra childcare or medical supplies such as dressings or crutches.  

Premiums for Flip cover are paid to HCF Life, which receives commission of 80% of HCF Life’s underwriting profit each year calculated as premiums less claims and expenses. 

Motorcycling, dental injuries while eating or drinking and accidents outside Australia and New Zealand are not covered.