Short answer: YES! 👍
The policy renews automatically on a monthly basis until you choose to cancel.
When we started out at Laka, we thought about yearly vs. monthly policies. We wanted to make it simple and easy for our community, by not tying them down to one year at a time, hence the rolling monthly policy 📔
Now down to the explanation:
You're right in thinking that traditional policies are yearly. You may pay for it monthly, but you are usually tied in with the insurer for a year. This would be shown with your policy documents showing for example the following: 01/02/2019 - 31/01/2020.
Laka does it better 🤜💥🤛
At Laka, your policy is monthly, meaning you are tied with us for one month at a time. At the beginning of the month your cover gets renewed for that particular month and so on and so forth. This is then reflected in your policy documents which will show, for example, 01/02/2019-28/02/2019 for the month of February.
At the end of the month, we add up all the claims and split them between you and other members. If you want to know more about billing check this article.