Sprint, the third largest wireless provider in the United States, is reportedly in the process of readying its own warranty plan that should offer extended coverage to their iPhone customers, if a rumor published by SprintFeed is anything to go by.

The publication stopped short of saying whether Sprint’s Total Equipment Protection coverage for the iPhone is anything like Apple’s own AppleCare+ extended coverage that allows for two accidental damage repairs with a $49 service in exchange for a one-time payment of $99.

Just like AppleCare+, Sprint’s Total Equipment Protection coverage reportedly will have to be purchased within a 30-day window. Sprint’s regular Total Equipment Protection warranty covers both mechanical and accidental damage, loss or theft for a monthly payment of eight bucks. This translates to $96 a year or as much as $192 if matching a two-year span offered by the AppleCare+ coverage…

According to the publication:

There’s no word yet if the iPhone’s variant of TEP will carry a different premium or deductible from current offerings, but hopefully we’ll hear something official from Sprint and Asurion very soon.

In case you missed it, analysts are warning investors to brace themselves for a possible bankruptcy of Sprint, saying the carrier is late to the 4G LTE party. Sprint’s nationwide WiMax network was the first to claim 4G data speeds in the United States, but rivals AT&T and Verizon Wireless have been deploying fourth-generation Long-Term Evolution radio technology in major metropolitan markets, with plans to finish commercial deployment by the end of this year.

Meanwhile, Sprint is still mulling its own 4G LTE network sometime in the near future. The argument here is that Sprint is poised to lose out if it doesn’t support 4G LTE radio technology in time for a sixth-generation iPhone which is expected – you guessed right – to feature 4G LTE networking.

And let’s not forget the new iPad, which files as the first Apple product to feature 4G LTE support for both Verizon and AT&T customers [data plans]. In fact, both AT&T and Verizon announced record-shattering tablet sales by having their networks (mostly) ready for a 4G LTE wireless device from Apple.

It remains to be seen whether cash-strapped Sprint, which invested a whopping $15 billion to finally land the iPhone, has enough money to accelerate 4G LTE deployment and have the network up and running in time for the revamped iPhone, expected to debut this summer.

Or was it this Fall?