Purchasing insurance isn't new -- most of us have health, car, house, and life insurance. But what about divorce insurance? A Kernersville, NC-based company, SafeGuard Guaranty Corporation, has launched what it believes is the world's first offering of divorce insurance.
WedLock, which the company bills as marriage insurance, offers up to $5 million in casualty insurance if your marriage ends in divorce. Although not cheap, each unit runs about $16 per month for $1,250 in coverage and your rates can't increase; your coverage amount increases by $250 each year you maintain the policy.
So why purchase the insurance? It's intended to help cover the costs of divorce, including attorney's fees, moving expenses and a new residence, alimony, and child support. And the good news is that you can receive 50% of the premium at separation if you opt for the Legal Separation Rider.
But if your marriage is already troubled, the insurance isn't made for you. SafeGuard's WedLock policies don't mature for a period of four years before benefits can be paid, although SafeGuard provides insurance holders to buy down the maturity period to three years.
Already thinking of divorce or separation? An attorney with the Law Offices of David P. Sheehan is here to help -- contact us today.
