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On-demand insurance: 3 myths and must-knows for 2023

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Not sure about on-demand insurance? We clear up some of the common myths and show you the must-knows instead.

Flip Insurance logoSponsored by Flip Insurance. When you're planning your next adventure, why not get cover with Flip? With on-demand accidental injury coverage, no-lock-in contracts and easy claims, it helps you get prepared for whatever life throws your way.*

With the cost of living rising and financial flexibility becoming increasingly crucial, it's important to look for ways to save on costs.

But this shouldn't mean you have to sacrifice essentials, either.

On-demand insurance – sometimes known as "short-term" or "episodic" insurance – can be a way to support your insurance needs, without having to enter into lengthy and expensive policies.

Today, we take a look at some of the myths about on-demand insurance. And even more importantly, we shine a light on the must-knows to make sure you've got the right information

πŸ‘‹ Hey there! We've partnered with Flip Insurance for this article, so we'll be using its product as an example throughout. However, you should also do your own research to determine which insurance product is right for you. You should read the product disclosure statement (PDS) and target market determination (TMD) before signing up for any insurance product.

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πŸ€” Myth #1: It won't give me the cover I need for my circumstances

One of the biggest misconceptions about short-term insurance is that it's too niche and not broadly applicable.

This might have been the case in the past for some policies. But the good news is that insurance has evolved and that doesn't have to be the case today.

With the right provider, you can get cover for a wide selection of activities.

πŸ”Ž Must-know #1: Flip Insurance covers a huge range of everyday and high-risk activities

One example of episodic insurance is Flip Insurance.

Flip Insurance offers accidental insurance covers for adults and children alike. A huge range of different activities can be covered.

This includes almost everything, from your everyday activities to a range of extreme sports and high-risk activities.

These can be used to supplement existing insurance policies you may have, too.

For example, you might use it for specific activities on a holiday that aren't covered by your travel insurance policy.

After all, many travel insurance policies are quite restrictive about the type of activities covered, or the amount of time you have coverage for.

On-demand insurance can offer you more flexibility on this front.

Conversely, you might use it in conjunction with a health insurance policy in order to provide extra cover for unexpected injuries that keep you from working.
Learn more about Flip Insurance



πŸ€” Myth #2: I'll get locked into a long (and expensive) insurance policy

When you're with the wrong provider, getting insurance can be an onerous task.

Lengthy lock-in terms and overpriced premiums can mean that you're left out of pocket with a policy that doesn't quite fit your needs.

Fortunately, opting for short-term insurance means that you can avoid a lot of these issues.

By choosing the right provider and product, you'll be able to opt for insurance that can be used – and only paid for – on an as-needed basis.

πŸ”Ž Must-know #2: Flip Insurance offers affordable, on-demand insurance that can be switched on and off as required

Life changes all the time. So it's important to have access to insurance that can offer flexibility to keep pace with your shifting needs.

One provider that offers this type of coverage is Flip Insurance. Once you've been approved for cover, you're able to use it on an as-needed basis.

Coverage starts from $7 a day, which can then scale according to the period of cover you're looking for.

Then you can simply switch your cover on or off via the Flip Insurance app.

This makes it particularly handy for taking advantage of unexpected opportunities that pop up, without needing to take out a completely new policy.

Let's say you get a last-minute call to do something that's fun. But it's a bit risky – like an intense bushwalk, or playing contact sports.

With Flip Insurance, you can switch it on without needing to worry about taking out a whole new policy.

Then once the activity is done, you can switch it off again, without having to worry about needless expense.
Learn more about how you can switch insurance on and off as you need it


Making an insurance claim via smartphone

πŸ€” Myth #3: I'm trading flexibility for complex claims processes

So, the insurance cover is easy to take out. That must mean it's complete chaos when it comes time to make the claim, right?

It's an understandable concern. In many areas of life, getting one thing you want means compromising on another.

However, episodic insurance can be much more straightforward at claims time than you might expect.

πŸ”Ž Must-know #3: Flip Insurance has a straightforward claims process

Flexibility shouldn't have to come at the expense of convenience. And that applies to insurance claims, too.

So if you opt for short-term cover, make sure you find out what the claims process is like before you sign the dotted line.

Let's look at Flip Insurance again.

Once you've gathered all of the relevant evidence for your claim, you can file a Flip Insurance claim in about 5 minutes.

If the claim is approved, the payout is then sent straight to you – rather than your medical providers – so you're able to use the funds in the way that suits your needs best.
Learn more about Flip Insurance's claims process



Discover more about getting covered with Flip Insurance today

Flip Insurance logoSponsored by Flip Insurance. When you're planning your next adventure, why not get cover with Flip? With on-demand accidental injury coverage, no-lock-in contracts and easy claims, it helps you get prepared for whatever life throws your way.*

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