Flip Roaming Target Market Determination (TMD)

What’s a TMD?

A Target Market Determination or TMD is a document that describes which retail clients a product is likely to be appropriate for (aka the target market), and any rules around how the product can be distributed. It also describes the review and reporting processes we have in place, and reporting requirements that distributors need to follow.

This document isn’t a Product Disclosure Statement (PDS) or a summary of the terms and conditions or features of the product.  It doesn’t consider customers' personal objectives, financial situation or needs. Please head to flipinsurance.com.au  to learn more and read our PDS. 

This TMD relates to the Flip Roaming Accidental Injury Insurance PDS dated 15 April 2026  (Flip Roaming). In this document, ‘we’, ‘us’, ‘our’ and ‘HCF Life’ means HCF Life Insurance Company Pty Ltd, AFSL 236 806. HCF Life is the issuer of Flip Roaming. 

Key attributes

Scope of cover

Flip Roaming provides cover under a group life insurance policy issued to Flip Insurance Pty Ltd (Flip Insurance). Cover is distributed by Flip Insurance to customers, who can purchase cover for themselves, another adult, their child (insured person), or any combination of these persons. 

Flip Roaming pays a cash benefit if an insured person has an accidental injury at a covered overseas destination.  

Flip Roaming provides two types of benefits in relation to an accidental injury:  

1. an Overseas Medical Reimbursement benefit which pays the cost of reasonably necessary overseas medical care incurred by the insured person up to $20,000; 
2. plus an additional Extra Recovery Payout benefit for specified accidental injuries, as determined by a health professional, ranging from $200 to $50,000 depending on the type of  injury, with the maximum Extra Recovery Payout for a single accident being $50,000.  

Flip Roaming covers accidental injuries that happen in the following covered destinations: Austria, Belgium, Bulgaria, Canada, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Fiji, Finland, France, Germany, Greece, Hungary, Iceland, Indonesia, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.  Australia and New Zealand are not covered destinations. 

An insured person can claim multiple benefits and/or accidents until they reach $70,000 in total payouts under this product and any other accidental injury insurance product issued by us and distributed by Flip Insurance, where Flip is the policy owner,  including Flip Active and Flip Roaming (Flip Insurance Product Range). 

Cover can be: 

1. purchased for a week or 30 days; and
2. cancelled at any time before cover starts. 

Eligibility criteria

An individual can purchase cover for themselves or another person who is not their child if they or that other person (as applicable):

1. are aged 18 to 64;
2. living in Australia; 
3. have not already been paid $70,000 or more in total claims across the Flip Insurance Product Range. 

A parent or legal guardian can purchase cover on behalf of their child if:

1. the child is aged 5 to 17; 
2. both the parent or legal guardian and the child are living in Australia; 
3. the child has not already been paid $70,000 or more in total claims across the Flip Insurance Product Range. 

Benefit limitations

1. To be eligible for a benefit the insured person must:
   - have an accidental injury at a covered destination while their cover is active;
   - see a health professional within 14 days of the accident;
   - submit their claim to us within six (6) months of their accident; and
   - either or both of:
     • receive overseas medical care within 6 months of the accident (for the Overseas Medical Reimbursement benefit); and/or
     • have a health professional confirm that the accidental injury meets one of the accidental injuries covered under Flip Roaming within 6 months of the accident (for the Extra Recovery Payout benefit).  
2. If the insured person has any other cover under a product in the Flip Insurance Product Range, they can only claim a benefit for the same accident under one product. 
3. We won't pay a benefit if the insured person was not aged between 5-64 and living in Australia when the insurance started.
4. A benefit is not payable for any accidental injury that happens because of:
   - motorcycling;
   - paid work or employment, unless the paid work or employment is as a paid professional athlete, sports coach or sports referee;
   - any accident outside the covered destinations;
   - something other than an accident, such as injuries that are sustained gradually through repetitive use over time e.g., tennis elbow;
   - taking illicit drugs or medication not as directed, or being under the influence of alcohol;
   - medical conditions, medical episodes, or by medical procedures or related complications;
   - intentionally causing self-injury or attempting suicide;
   - where the insured person is under 18, injuries caused by a parent or legal guardian or any person living with the insured person;
   - acts of war, whether declared or not, hostilities, civil commotion, terrorism or insurrection;
   - being involved in an illegal act; or
   - a dental injury caused by food or drink including any foreign object in the food or drink.

Other key attributes

This product does not cover:

1. illnesses;
2. travel related expenses; or 
3. the cost of repatriation or transport back to Australia.

This is only a summary of key attributes, and it does not form part of the terms for this product. Please refer to the PDS for the terms and conditions for cover, including important definitions.

Target Market

Flip Roaming has been designed to be issued to Flip Insurance, for distribution to customers within the following target market: 

Eligibility

If an individual is seeking cover for themselves or another person who is not their child, the individual or other person (as applicable) must:

1. be aged 18 to 64;
2. be living in Australia; and 
3. have not already been paid $70,000 or more in total claims across the Flip Insurance Product Range. 

 If a parent or legal guardian is seeking cover on behalf of their child:

1. the child must be aged 5 to 17; 
2. both the parent or legal guardian and the child must be living in Australia; and
3. the child must not have already been paid $70,000 or more in total claims across the Flip Insurance Product Range. 

Objectives and needs 

Customers in the target market will want or need cover that will:

1. pay a cash benefit if the insured person experiences an accidental injury at one of the covered destinations during their chosen cover period;
2. cover medical expenses incurred overseas associated with the accidental injury up to $20,000; 
3. provide additional supplementary financial support instead of cover for all or a percentage of other expenses associated with the injury up to $50,000; 
4. run for limited short-term periods (weeks or 30 days); and 
5. involve a simple payment structure without underwriting.

Customers will not be in the target market if they: 

1. want or need cover for:
   - accidental injuries from motorcycling;
   - accidental injuries from medical conditions, medical episodes, or medical procedures or related complications;
   - accidental injuries from paid work or employment (unless the work or employment is as a paid professional athlete, sports coach or sports referee);
   - the cost of repatriation or transport back to Australia; or
   - all costs associated with an accidental injury, such as unlimited medical cover or loss of income; or

2. have or plan to obtain adequate travel or other insurance for accidental injuries at covered destinations.

Financial situation

Customers in the target market will have the financial capacity:

1. to pay the premium; 
2. to pay overseas health providers for medical expenses upfront before claiming a reimbursement from Flip Insurance; and
3. to pay overseas health providers for any medical expenses that exceed the limit of cover or are otherwise not covered under Flip Roaming. 

Suitability of the target market

This product is likely to be consistent with the objectives, financial situation and needs of retail clients in the target market because:

1. the group life insurance policy has been specifically designed to be issued to Flip Insurance;
2. the target market includes customers whose objectives and needs are focused on cover that pays a cash benefit if the insured person suffers an accidental injury at one of the covered destinations.  Subject to only limited exceptions, Flip Roaming pays a cash benefit in similar circumstances, so it is likely to be consistent with the likely objectives and needs of retail clients who obtain cover; and
3. the target market includes customers who have the financial capacity to pay the premium, to pay upfront for medical expenses incurred overseas and to pay any expenses that are not covered.  Flip Roaming reimburses eligible medical expenses paid by the insured person up to $20,000 and an Extra Recovery Payment depending on the type of injury of up to $50,000, so it is likely to be consistent with their financial situation.

Distribution conditions

 Flip Roaming will be distributed solely by Flip Insurance. Flip Insurance must comply with the following requirements when engaging in retail product distribution conduct (distribution) in relation to Flip Roaming; 

1. Flip Insurance must ensure that all promotional and advertising material is consistent with the target market;
2. Cover must only be able to be obtained through the website flipinsurance.com.au, the Flip mobile app, which must:
   - clearly and prominently explain key information about the scope, inclusions and exclusions of cover as part of the onboarding process; and
   - require the customer to choose a period of cover; and 

3. The purchase process must include questions designed to determine whether the person comes within the target market, and the process must not permit cover to be provided in circumstances where that is not the case.

If cover is provided to a retail client in accordance with these distribution conditions, it is likely that the retail client would be in the target market. This is because: 

1. Flip Roaming has been specifically designed to be simple and easy to understand, with a fixed benefits and premium structure, no underwriting and limited exclusions; 
2. cover can be obtained only through the website flipinsurance.com.au, the Flip mobile app or an approved distributor’s website or mobile app, which is required to clearly explain key information about the cover as part of the onboarding process, permits cover to be issued only if the insured person comes within the target market, and requires the customer to select a period of cover; and
3. when considered in conjunction with the relatively simple terms for cover, this customer journey makes it likely that a customer would come to understand key information about the cover as part of the onboarding process. It also makes it likely that a customer would proceed with obtaining cover only if the cover would be consistent with their objectives, financial situation and needs. 

Reviewing this TMD and reporting obligations

We will review this TMD within 2 years of its most recent review. We will also review this TMD earlier if any of the following review triggers occurs, which reasonably suggests that the TMD is no longer appropriate: