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Insurance companies make a killing from providing a safe guard for people against the everyday casualties of life. There is health insurance, life insurance, car insurance and now you can add divorce insurance to the list of protective services that insurance companies are willing to provide.  SafeGuard Guaranty Corp., an insurance start-up based in North Carolina, recently released their WedLock product. Here’s how its WedLock product works. The insurance is designed to provide financial coverage in the form of cash to cover the costs of a divorce. Costs that are covered include legal proceedings or setting up a new apartment or house. It is sold in “units of protection.” Each unit costs $15.99 per month and provides $1,250 in coverage. So, if you bought 10 units, your initial coverage would be $12,500 and you’d be paying $15.99 per month for each of those units. In addition, every year, the company adds $250 in coverage for each unit.

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Then, if you get divorced and your policy has matured you would send WedLock proof of your divorce. In return, you would receive a lump sum of cash equivalent to the amount of coverage you had purchased.

For those who are thinking of heading down the road of divorce before they even enter marriage, Safe Guard has a way to protect themselves from your nonsense. The policies don’t mature until 48 months after their effective date (though people can purchase additional riders to reduce that maturity period to 36 months and to get their premiums back if they happen to divorce before the policy matures).

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For some, this sounds like a solid and mature decision for a couple that wants to cover all of their options. There is no way to plan for the future so why not cover all of your basis? Right?  On the other hand, what if divorce insurance is another way to plan for the inevitable? For arguments sake, you could look at divorce insurance as a plan for an event that you expect to happen. What does that say about the strength of the relationship? Why even get married?

In our country people can get married on television in a contest, can swap out partners like they change their socks.  They also get married and divorce in the same year. Would divorce insurance only add more fire to the long running joke that marriage has become to many? Would it be another way for people to view marriage as a perpetual joke? Then there is the comparison to a pre-nup. A prenup is an agreement that whatever one party came into the marriage will not be shared with the other party if things lead down the road of divorce. Some people are strongly against pre-nups and see it as I see divorce insurance. As a preparation of the inevitable and a lack of faith in the marriage.

Up For Discussion: Is divorce insurance a smart direction for a couple to go to before marriage? Is it similar to a couple having a pre-nup? Is it safe to say that marriage has completely lost its significance when a couple can plan for the divorce before they are married?

Via: NY Times

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