Health Insurance Claims a Pain– Take Out Divorce Insurance–Risk Management Assessments Reach a New Low With Ethics

One more element entering in the insurance business and gee just when the institute of marriage today is in the news, now this? It appears you can somewhat bet against your decisions on picking partner for life. This kind of tell me we have a business here that’s up front telling you that you don’t have the sense in this world today to find a partner, you think?

Anyone that has been through a divorce knows it is not a process anyone looks forward to with all the legal proceedings it involved so now you can add on more more headache here with filing a claim, good luck! In case of a claim denial the attorneys stand to make some additional money here too as they can fight that for you.

From the website:

“For as little as $15.99 a month³, Prime Insurance Company will pay you from $1,250 up to $5,000,000 if your marriage ends in divorce.

Even if you have a pre-nuptial agreement in place you’re still at risk! Imagine having every penny in your bank accounts removed, all your credit cards canceled, and every piece of furniture and all your belongings removed from your house while you’re at work. Then imagine having to pay thousands of dollars in attorney fees to fight to get only half of it back! It happens more than you know! Like Term Life Insurance that has no cash value until you die, Divorce Insurance has no cash value until you’re actually divorced⁸, so it cannot be stolen by a greedy spouse

Get the same peace of mind that comes with being able to afford a team of expert lawyers ready to work on your behalf, or the simple fact that you will have enough money to get far away fast if the need ever arises. Is this just not precious to get a “risk analysis” on your partner of choice! The deal here is though is that the policy doesn’t come into play and mature for 48 months, so if you are unhappy after a few months and want to cash in here, you have a 4 year waiting period. I’m sure there’s been some long statistical analysis done here to choose this as the faltering point. “

Here’s an online algorithm if you want to calculate what your divorce costs would be. No insurance plan is complete today without “those algorithms”. Health insurance companies make their living from them.

Like any other insurance company, guess what, there’s a portal where you can log on too, gee how convenient and where did this idea come from. This is literally a “broken heart” portal that feels sorry for your financial problems-right!

In the world of ethics today is appears it’s getting worse and there’s one more way here to use some algorithms to get your hard earned money, this is how the big corporations have managed to do all of this today, as when you stop and think about how decisions are made, the first thing we do is run to our computer screen for information and software tools. You can be judge on this for yourself but I think taking out insurance that is gambling on the fact that you are going to stay in wedlock a minimum of 48 months, and with a rider you can reduce down to 36 months is ridiculous.

Being this is brand new they have 4 years before any payoffs are to be realized, so plenty of time for them to start bankrolling premiums. BD

Safeguard Guaranty Corp., an insurance start-up based in North Carolina, recently released what it’s billing as the first world’s first divorce insurance product. Here’s how its WedLock product works.

The casualty insurance is designed to provide financial assistance
in the form of cash to cover the costs of a divorce, such as 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.

Then, if you get divorced and your policy has matured (see below for the maturation rules), you would send Wedlock proof of your divorce. In return, you’d receive a lump sum of cash equivalent to the amount of coverage you had purchased.

So how does the company prevent people who know they are going to get a divorce from signing up? To prevent that kind of adverse selection, 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).

Divorce Insurance (Yes, Divorce Insurance) - Bucks Blog - NYTimes.com