Insuring against divorce or insuring for a divorce – some might ask.
Yes, you heard right! You can now purchase divorce insurance which gives a whole new meaning to the saying –something new, something used and something insured?! Now you might say this sounds cold and they’ve gone too far but hold on – let’s check out some facts first.
- First marriages show there’s 41% chance of divorce – on average ending in the first 8 yrs.
- Second marriage show an even higher rate at 60%
- And you guess it, third marriage is 73%
- Marriages with children do have a better chance.
- In 2009 divorce rates did take a decrease but so did the marriage rate
- Reasons for divorce vary from: 27% extra-marital affair, 17% emotional &/or physical abuse, 13% mid-life crisis, 6% Addiction and 6% workaholics/work related – Per Wikipedia.
- Average cost for an attorney can run from $1000 to $10,000 and on up – each case being different.
The cost of divorce insurance is worked out very simply; $16 a month buys you $1250 in coverage, which increases annually by $250 beginning on the fourth year in force. There’s a four year “waiting period” in order to prevent the fly by night relationships like Las Vegas is churning out. So with some math, coverage in the amount of $10,000 is approximately $128 a month, not counting your $250 bump up ever year past the waiting period – this may be a little pricey for most.
Is it worth it? John Logan, founder of WedLockDivorce.com, we’re thinking would say yes. Prompted, like so many, to do something after he’d suffer financial devastation, took it upon himself to start this insurance company in August 2010 – which appears to be getting some notoriety with a recent write up in TIME.
After doing some research we too are finding this to be a big deal, many articles and people are finding this as the new and up and coming form of peace of mind – approximately 450 people a month are searching for the term, “divorce insurance”. Especially when parents can get involved when they see their children taking that leap – yes you can buy this for someone else but be aware, the bride and groom have to be the beneficiaries.
Maybe there’s a discount if the insured couple attends marriage counseling – kind of like an alarm discount on your home, helping to deter, but if they really want your stuff… there’s no stopping them!