Published on September 16th, 2015 | by john.weir0
New service has migrants covered
A new insurance product, aimed at giving migrants both cover and peace of mind, has launched.
Migration Cover focuses on helping those moving to, or remaining in, Australia or New Zealand.
Migration Cover has been developed to reduce the stumbling blocks from international migration for both individuals and families. It does this by answering the ongoing questions that worry them, such as; what will happen if a family member at home becomes ill? What will happen if I am involuntarily made redundant? What if I can’t find another job? How will I return home if I need to?
Until now, the threat of covering moving and repatriation costs related to going back to their home country has been placed largely on the migrant, or their employer, who has already had to pay up to £20,000 to cover visas, removals, pet shipping, flights, car hire, accommodation and other associated costs.
Migration Cover reduces the anxiety of immigrating by covering the policyholder’s repatriation, employment advocacy and travel needs, subject to the conditions of the policy.
Chris Galway, CEO, Migration Cover, comments: “Migration Cover is the first product of its kind designed specifically for migrants. It aims to provide a sense of security to those that may be worried about the migration process, or leaving family behind. Put simply, the policy seeks to cover migrants, who face barriers in their new Host Country. These include involuntary redundancy, long-term unemployment leading to full repatriation. We also provide cover for temporary repatriation, in case the family left behind, becomes seriously ill, or injured. The cover has many more features. Read all of the policy inclusions at www.migrationcover.com
“The Migration Cover team has first-hand experience of the issues associated with relocating to a new country and we’ve developed this specialist insurance product to allow skilled migrants to focus on settling into their new life in Australia or New Zealand.”
Migration Cover offers four levels of cover; Platinum, Gold, Silver and Basic, starting at around $1,098,00 NZD (exclusive of taxes, fees and charges) for a single policyholder and $1,820,00 NZD (exclusive of taxes, fees and charges) for a family. There is no limit on the number of dependent children, either up to the age of 21 or 25 if they are studying full-time, which can be covered under a family policy. The prices shown are for 18-30 year old primary applicants. Potential clients are encouraged to seek a quote online at www.migrationcover.com
Recent immigrants, who have relocated within the last two (2) years, and who hold a valid skilled visa in their new country, may also purchase this cover. Chris Galway commented: “By allowing existing skilled migrants to also take out a policy, we believe we have the right balance to encourage migration as a long-term proposition.”
Recent statistics released by the Australian and New Zealand Governments show that both countries will continue to need skilled people who can contribute to society in a positive way.
The Australian Government’s 2015 Budget * confirmed the country will have 190,000 places and maintain the composition of 128,550 Skilled Stream places, 57,400 Family Stream places and 565 Special Eligibility Stream places.
The New Zealand Government’s Migration Trends Key Indicators December 2014 ** shows a 6% increase in the number of approvals in the Skilled Migrant Category (SMC) between July and December. The total number of people approved in the SMC category during this period was 8,716. There was also a 9% increase in the number of Essential Skills workers during the same period. Between July and December 2014, 19,668 people were approved for residence, up 5% from the 18,707 approved between July and December 2013.
According to statistics New Zealand unadjusted figures showed a record net gain of 59,600 migrants in July 2015. The annual gain in migrants has been setting new records for the last 12 months. The increased net gain of migrants in the July 2015 year was driven by both more arrivals and fewer departures. Migrant arrivals (117,100) continued to reach a new high, up 14 percent from July 2014. Migrant departures numbered 57,500, down 6 percent.