Divorce costs an arm and a leg these days. Estimates on the average price tag of splitting with your spouse range from $15,000 to $30,000. So shouldn't you be protected against the financial burden of divorce?
SafeGuard Guaranty Corporation thinks so. The North Carolina-based insurance startup is selling a divorce insurance product called WedLock. (Yes, we enjoy that pun --h/t New York Times Bucks Blog)
Each unit of WedLock costs $16 a month and provides $1,250 to cover expenses like divorce legal proceedings. Insureds can buy multiple units, and for every year their policy lasts, SafeGuard will throw in another $250 of coverage for each unit they own. Once a married couple un-ties the knot, policyholders simply send in their divorce papers and SafeGuard sends them cash. (To prevent spouses already planning a divorce from cashing in, SafeGuard requires at least 36 months from the effective date until spouses can claim the coverage.)
Still not convinced you need divorce insurance? To help you make up your mind, SafeGuard provides a Divorce Cost Calculator and an even more ambiguous Divorce Probability Calculator that factors in such variables as your race, family income and history of depression or mental illness.
After reviewing SafeGuard's offer, feel free to add WedLock to your list of 'types of insurance I don't need'.