Coverpay is rolling out a “buy now, pay later” option for general insurance from this month, extending the concept from the retail sector.

The product, aimed at individuals and SMEs, spreads the insurance bill over 12 fortnightly payments and has a $7 management fee for each instalment.

Coverpay, which recently raised $2.5 million in launch funding, says its platform is embedded into a merchant’s existing transaction process and can be used at the checkout for online policy sales, within payment portals, on invoices or using embedded links.