A new entrant in the health insurance market is offering a policy covering the cost of cancer treatment, up to $500,000.
AIA New Zealand said the policy will improve access by New Zealanders to the latest cancer drugs.
AIA holds less than 5 percent of the local health insurance market, but is the world's second largest life insurer.
It said its Real Health Policy will provide coverage up to $500,000 for surgical and non-surgical treatments, including cancer immunotherapy drugs.
It said the drugs were expensive and Pharmac's budget had been stagnant for the past five years.
AIA said New Zealanders could not access innovative medicines and treatment, and private insurance could help.
It says the cost could be as low as $76 a month.