A system and method for providing insurance to an individual who has deposited a body tissue or organ in a depository of such organs or tissues, for example, umbilical cord-blood or blood from another source, foreskin or other skin, lymph, fetal stem cells, adult stem cells, lymph or sperm, involves establishing an insurance policy for an individual who deposited a body tissue or organ in the depository or for a beneficiary of the depositor. The deposit of the tissue or organ for future use by the individual or beneficiary is a central component of the insurance policy. The insurance policy, in exchange for payment of a periodic premium, indemnifies the policy holder or his beneficiary for at least some of the expenses associated with a medical or cosmetic treatment that requires body material of the type previously deposited by the depositor in the depository.