First Parent Boost insurance product launched

nib New Zealand has become the first insurer to launch a specialised insurance product for the Government's new Parent Boost visa, which opens for applications next week.

nib’s Parent Boost Insurance product will cover emergency medical events, cancer treatment and repatriation for visa holders who are parents of New Zealand citizens or residents. Applications for the five-year multi-entry visa open on 29 September.

Insurers have been working on a tailored product since Immigration Minister Erica Stanford announced the new visa in June. It allows eligible parents to make multiple visits over five years, with the option to reapply for another five years. The visa doesn't create a pathway to residency.

The Government requires all Parent Boost visa holders to have health insurance for their first 12 months in New Zealand, regardless of how long they plan to stay. After that, insurance is only required while they're in the country.

nib's product sits within its OrbitProtect brand, which already provides health and travel insurance to almost 40,000 international visitors, students and workers in New Zealand.

The insurance requirement aims to ease pressure on New Zealand's public health system by ensuring visitors can cover their own medical costs.

nib chief executive Skye Daniels said the product aligned with the company's focus on supporting health and wellbeing. "We hope this cover will play a part in bringing together more whānau from across the world," she said.

Visa applicants can purchase the insurance from OrbitProtect’s website after receiving an Approval in Principle from Immigration New Zealand.

Other insurers are expected to launch similar products as the visa launch approaches.