How I'm creating a color flash effect on the player when he gets hit by an object.

FlashPlayer.cs

public Color[] flashColors;
private float flashLerpDuration = 0.10f;
private float flashInvokeDuration = 0.5f;

void Start() {
	// All other initialization code here...
	flashColors = new Color[2];
	flashColors[0] = Color.magenta;
	flashColors[1] = Color.white;
}

void Update() {
	// All other update code here...
	if (IsInvoking("colorFlash")) {
 		checkColorFlashInvoking();
	}
}

void OnTriggerEnter(Collider other) {
	// All other on trigger enter code here...
	if (checkForCollisions(other)) {
		InvokeRepeating("colorFlash", 0, 0.10f);
	}
}

private void colorFlash() {
	float lerp = Mathf.PingPong(Time.time, flashLerpDuration) / flashLerpDuration;
	renderer.material.color = Color.Lerp(flashColors[0], flashColors[1], lerp);
}

private void checkColorFlashInvoking() {
	flashInvokeDuration -= Time.deltaTime;
	if (flashInvokeDuration <= 0) {
		CancelInvoke("colorFlash");
		flashInvokeDuration = 0.5f;
		renderer.material.color = Color.blue;
	}
}