American speciality insurer Fortegra Financial has teamed up with LifeSpring to offer infertility insurance in the US state of Texas.
The company plans to expand the insurance offering to other states later this year.
LifeSpring would offer up to $50,000 of coverage for medication, doctor visits, in vitro fertilization (IVF), and other related treatments with no deductibles or co-insurance in case a couple with at least one policyholder experience trouble conceiving between the ages of 18 and 35.
Once coverage starts, the beneficiary couple will be given one year to resolve any treatments made and approved prior to reaching the age of 36.
LifeSpring CEO Jason Muesee said: “Infertility profoundly changes your life. It can impact your marriage, career, friendships, personality, and financial security. As an industry, we have struggled to find the best way to provide coverage and keep it affordable.
“LifeSpring is dedicated to changing the way infertility is insured by offering an affordable resource for those who may be faced with infertility. Our team, with the help of Fortegra, can now turn peoples’ dreams of future family into reality.”
Fortegra executive vice president and CMO Scott McLaren said: “The average out-of-pocket cost for IVF is around $10-15,000 per cycle—a huge financial burden.
“We’re proud to underwrite such a unique offering that can help mitigate the cost of treatment and allow prospective parents to realize their dream of having a family.”
Fortegra Financial provide various types of consumer protection options such as warranty solutions, credit insurance, and specialty underwriting programmes.