Divorce Insurance: Pros And Cons

The Globe and Mail:

We have insurance for a lot of adverse events. Think about it for a moment. You are insured against an auto accident, catastrophic injury or illness, root canal, fire in your home, somebody coming to your door and getting bitten by your dog, hail, your death, and floods. Your jewelry is insured, if you're Troy Palamalu, your hair is insured and your visitor-biting dog? Even he's covered in case he has to go to the vet. (For related reading, also take a look at Get Through Divorce With Your Finances Intact.)

Here's the interesting part: many of these events are much less likely to occur than some of the events that we've never thought to buy insurance against - for example, how about divorce?

Read the whole story: The Globe and Mail

Comments

[anotherscott]

09:35 PM on 02/22/2011

re:"Here's the interesting part: many of these events are much less likely to occur than some of the events that we've never thought to buy insurance against - for example, how about divorce?"

Insurance generally works specifically because it is for something that is, in fact, unlikely to occur. If 50% of the people who took out insurance for something actually needed to collect, the premiums would have to be enormous. (50% being about the number of marriages that end in divorce, or at least that is a figure that is often quoted.)

[stape45]

03:40 PM on 02/22/2011

They'll probably take your premiums for a few yeas, then deny payment, citing pre-existing conditions.

[Janis Johnson]

06:29 PM on 02/22/2011

LOL!!!!
Course it might not be a bad idea except....do you think you will be able to find a good lawyer who accepts the insurance? Just think of getting a listing of 'approved' attorney's who accept your insurance plan and you can't stand any of them? Will the plan put caps on the total amount your divorce will cost and if you go over you pay the rest yourself? Will rates go up if you have children? Will they first make you undergo an interview to decide if you really need a divorce and if they decide not, you're stuck? Think they will give you all your money back if you mediate or do it yourselves?
And pre-existing conditions!!!! Let's see....more then 10 years age difference, 2nd-3rd marriage,one earns twice or more then the other, step children involved, morer then a 10 point difference in IQ, different religions, alcoholism or drug addiction, he doesn't like or is allergic to your cat..........
OMG!!!

[stape45]

08:28 PM on 02/22/2011

Here's their probable favorite pre-existing condition: Did not, but should have known better.