Divorce sucks. It is a catastrophe in the lives of millions. It’s like having a fire rip through your home. The difference between a fire and a divorce is that you have always been able to get insurance to help recover from the economic loss. Now that’s changed!
James Gross who writes for the Maryland Legal Crier, a great blog, wrote a blog about a new product available to insure against some of the economic loss of divorce. Here is his blog:
Want to buy some divorce insurance? Jennifer Saranow Schultz reports in the New York Times that SafeGuard Corp. of North Carolina is offering the world’s first divorce insurance called WedLock. For each $15.99 per month you pay, you can buy $1,250 in coverage. The benefit covers the costs of divorce such as lawyer fees or setting up a new home.
Then, if you get divorced, you send Wedlock proof, and they’ll send you a check for the amount of insurance you purchased. You have to be married at least four years, however, before the payout. You can buy riders to shorten that to three years or get your premiums back if you don’t make it that long. Every year the company automatically adds another $250 to the coverage for each unit you buy.
It’s an interesting idea eh? Of course, no insurance policy can compensate for the emotional losses suffered in a fire or a divorce. You need to find a good therapist to work through the pain. But a little cash is better than none.