Fortegra Financial Corporation, an international specialty insurer and subsidiary of Tiptree Inc., has reached an agreement with LifeSpring to underwrite up to $50,000 in early-life coverage for prospective parents.
The product currently is available to Texas residents, and Fortegra said in a statement that it plans to expand to other states later this year.
“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,” said LifeSpring's chief executive officer, Jason Muesee. “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.”
According to the U.S. Centers for Disease Control and Prevention National Survey of Family Growth, one-in-eight American couples experience infertility issues. Couples between the ages of 29-33 only have a 20 to 25 percent chance of conceiving in any given month.
“The average out-of-pocket cost for [in vitro fertilization ('IVF')] is around $10-15,000 per cycle – a huge financial burden,” said Fortegra's executive vice president and chief marketing officer, Scott McLaren. “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.”
According to the companies, under the program, should a couple with at least one policyholder experience trouble conceiving between the ages of 18 and 35, LifeSpring would provide up to $50,000 of coverage for medication, doctor visits, IVF, and other related treatments with no deductibles or co-insurance. Once coverage begins, the beneficiary couple is given 12 months to resolve any treatments made and approved prior to reaching the age of 36.
Learn more: www.fortegra.com; www.lifespringins.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].