Prenuptial agreements used to be the most controversial legal aspect of impending marriages, but now they’ve become fairly common even among couples with few assets. Will divorce insurance follow the same path and become the norm?
Wait, have you heard about divorce insurance? It’s the creation of John Logan, survivor of a “world-class ugly” divorce and entrepreneur.
What do you get for your WedLock (Logan’s name for the divorce insurance)?
According to Inc., a unit of coverage costs $16 per month is worth $1,250 in benefits; the benefit limit is $250,000, so you can buy up to that price. You can buy additional units at the same price, on up to 200 units, or $250,000 of coverage. As an added bonus, the company throws in $250 of coverage for every year you make your payments.
The policy matures at four years, but you can even opt for an “Accelerated Maturity Ridersm” for an added monthly premium — just in case you think your marriage might not make it to the magic number. There’s also a Legal Separation Ridersm, which pays half of the proceeds upon legal separation and the other half upon the final divorce decree.
Still not convinced? You might want to take a look at the company’s Divorce Probability Calculator. Yes, that’s exactly what it sounds like, and it considers factors such as race, religion, whether your parents were divorced, and also whether this is your first, second, or other numbered marriage. According to statistics on WedLock, about 32% of first marriages fail while nearly 67% of second marriages end in divorce.
Would you buy divorce insurance? Does this fill a hole in the marketplace? Would you be offended if you knew your soon-to-be spouse looked into WedLock?