AIA new cancer health product introduced

Cancer Care is targeted at Kiwis looking for reassurance around cancer coverage.

Monday, February 15th 2021, 1:54PM

Nick Stanhope

Cancer is a leading cause of death in New Zealand, with 23,000 diagnosed each year.

If caught early, however, cancer is curable. As a response to this, AIA has developed a new Cancer Care product which is aimed at giving reassurance to those concerned about developing cancer.

As an affordable alternative to comprehensive health cover, Cancer Care provides a range of offerings, including:

• unlimited cover for cancer surgery
• up to $500,000 a year for specialist Pharmac and non-Pharmac subsidised medication
• up to $5,000 a year specialist’s fees
• and following diagnosis, specialist consultations, diagnostic testing, and treatment of up to $500,000 a year.

Len Elikhis is the chief product and vitality office at AIA. He says that the Cancer Care product is 25% of full medical insurance, which is $360 for a male aged 40, as an example.

“The public system does many things well, but if you have private insurance cover you are able to choose your oncologist, or access drugs that aren’t yet subsidised through Pharmac,” says Elikhis.

Nick Stanhope, AIA New Zealand’s chief executive officer, says that Cancer Care is a great option for those who don’t want to rely on the public health system for cancer diagnosis and treatment.

“This is a policy that would suit people who may be happy to rely on the public care system for non-cancer related conditions, but want to ensure that they have access to the latest available treatment options, including potentially high-cost cancer drugs which may not receive public funding,” he says.

Cancer Care is currently available for purchase as a standalone policy or together with life insurance protection products.

“[As an alternative to comprehensive health cover] this is for people who recognise the value of health insurance and are looking for an affordable option to cover potential out-of-pocket costs to treat cancer,” Stanhope explains.

Elikhis says that there has been a lot of positive feedback from advisers since the launch. “We are getting a good response and have so far had a reasonable amount of submissions.”

Tags: AIA health insurance insurance