Divorce can be a highly expensive time in a person’s life, and the financial and emotional strain faced by so many during the recent economic struggles certainly isn’t helping that fact, to the point where many couples who had been ready for divorce found that they were suddenly incapable of doing so due to monetary constraints.
Even if the lawyers’ fees are as low as possible, the costs associated with divorce can be quite high. At a bare minimum, there is the fact that where the couple had once been living in a single household, two homes would now be required. One of the ways that some couples are starting to get around this in South Africa is to purchase divorce insurance, which can be done online.
According to the creator of the idea for the WedLock Divorce Insurance plan, John Logan, “In the United States, 44 percent of people who divorce go below the poverty line because the cost of divorce is so incredibly high.”
Logan is also SafegGuard Guarantee Corporation’s chief executive. It is an American company that is now offering WedLock Divorce Insurance, which it has created and markets. That said, it cannot be marketed in South Africa because it is not licensed there, though it can still be purchased because it is available online. Purchases can be made using a credit card payment at the SafeGuard website.
If a South African consumer wished to buy that coverage, the premiums would simply be paid in American dollars and it would be underwritten by another company – Omega Risk Management – which is located in the Caribbean in the British overseas territory of Anguilla.
