Silver dishes? Gardening equipment? Shopping for the perfect gift for a loved one’s big day can be a tedious task, but it is especially daunting if you are not a fan of their fiancé. Luckily, WedLock offers the perfect product for your predicament: divorce insurance.
With the cost of $16 a month for every $1,250 of coverage, this casualty insurance gives the married policyholder a payout once they are divorced, hopefully lessoning the pains of divorce by providing a hopeful start for the future. According to WedLock Divorce Insurance , the average loss of net worth after a divorce is 77% with 44% of American families falling below the poverty line for some time after divorce.
Entrepreneur John Logan , who first came up with the divorce insurance idea when his wealth shrank after the demise of his marriage, predicts that WedLock will become part of prenuptial agreements or will be purchased for a bride or groom by concerned relatives.
So if you are searching for the perfect wedding gift but are apprehensive about your loved one’s future marriage, purchase WedLock’s divorce insurance today. Insurance plans can be purchased without the bride or groom’s knowledge. This could be the perfect post-divorce present!
What is Divorce Insurance?
WedLock Divorce InsuranceSM is an annually renewable, premium guaranteed form of casualty insurance that provides a lump sum of cash (based on initial claim value units of $1,250 USD per unit purchased, up to $250,000) that is paid if your marriage ends in divorce. In addition, each unit increases in value by $250 annually after the policy’s Waiting Period ends so that the longer you have your policy, the higher your claim benefit will be – without any increase in annual premium.
How much Divorce Insurance do I really need?
That depends a lot on where you live. In the US, for example, the average cost of just legal fees related to divorce is over $16,000, but costs in New York City are much higher than in Wichita, Kansas. In addition, moving expenses, child support or alimony, appraisals on property and many more small (and not so small) expenses can add up to several thousands of dollars more. To do some “What if…?” calculations click here to try some free “Divorce calculators”. .
Who can Purchase Coverage?
In most cases, when you are purchasing insurance for yourself, you are all of the above. Specifically related to Divorce Insurance, the beneficiary (the person who receives the money when a claim is paid) is always the “insured.” However, the “policy owner” (the person who pays for the policy) does not have to be insured. In some cases, spouses buy policies for each other. In other cases, mothers and fathers may buy policies for their sons and daughters. In the latter case for example, a father (the policy owner) might buy a policy for his daughter (the insured). The father is paying for the policy, but in the event that his daughter has a divorce, she would be the insured. The term “Policy Holder” could refer to either the policy owner or the insured under different circumstances. In general, the policy holder refers to the person who owns (or holds) the policy for themselves or another family member, or the person filing a claim. Policy holders must have an insurable interest in the insured, in other words, the policy holder must be related or have a definable business relationship such as an agent or corporate representative on behalf of the insured’s employer.
Click here to receive a quote or to receive more information on WedLock’s services.