By the end of 2011 Finnish families had taken out 420,000 infant insurance policies to cover any possible future medical costs incurred from private healthcare providers.
"At that time Finland was home to 580,000 families with children, so the number of policies is quite large," said Marja Ylönen from the financial ombudsman’s bureau (FINE).
Many insurance companies want expectant mothers to apply for an infant policy no later than three months before their delivery date. Firms may ask women to provide a statement on their health and all documentation related to prenatal checkups. Some insurers may also require that mothers are under 40 at the time of birth and that ultrasound scans have not detected any anomalies in the foetus.
"Families should think about what they want as policies can vary greatly from company to company in terms of coverage," said Ylönen, whose office receives over a hundred calls a year from parents about the baby policies.
If not insured before birth, private insurers will typically not offer policies for babies until they pass the two-month mark. Any illnesses occurring between birth and the age of two months may be left outside the scope of future healthcare coverage, thus encouraging parents to insure their babies before birth. Infant insurance policies do not usually cover any complications arising from the birth itself.
Some insurance companies also require that infant policy takers hold home insurance from the same provider.