Social Question

Cruiser's avatar

Would you buy Divorce Insurance or what is your opinion on the concept?

Asked by Cruiser (40401points) October 4th, 2010

I heard today about a company called Wedlock Divorce Insurance that now offers the obvious. With the statistical odds over the sheer numbers of marriages that ends in divorce it seems this insurance would be a no-brainer. It flies in the face of the obvious reason(s) to be married in the first place but this “option” to protect yourself and provide financial backing during a rough patch in life may not be such a bad idea! I am curious as to see how many Jellies might buy into this or what the collective’s opinion on this might be.

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35 Answers

NaturallyMe's avatar

Neh….i hate insurance as is and try to avoid it where ever i can, because more often than not, it’s money wasted. I’ll take my chances on the divorce thing, and i think as long as one has a relatively good marriage contract, preferably has one’s own source of income and keeps one’s side of the marriage clean (not cheating which often causes one to forfeit monetary benefits from the marriage), one should be fine (in most cases).

BarnacleBill's avatar

I think it’s a great idea. Marriage, even in biblical times, was a civil contractural relationship.

lucillelucillelucille's avatar

No…but this is a good wedding march song for people that would consider it.XD

Loried2008's avatar

I wouldn’t but that’s me. I feel like if my parents made it, his parents made it, all our grandparents and great grandparents made it.. We can make it. Marriage is supposed to be about putting each other first no matter what. Where I do agree Divorce is a good idea if someone is abusive or unfaithful, I feel that opening up your marriage with Divorce insurance or even a Pre Nup is pretty much telling the other person, I love you and all that. I’ll never leave you, but this is for just in case I change my mind. Seems like it’d leave room for mistrust. Again, that’s just me.

marinelife's avatar

Insurance is a blood-sucking business. I would not buy it for this purpose.

Cruiser's avatar

@BarnacleBill It might appear a good idea but from what I know a lot of marriage issues is about money and financial problems and if you run the numbers you are having to pay out some serious coin in premiums and with the waiting period involved you are putting away a good chunk of change. I’d say just save that money instead and your marital financial woes would be less of an issue.

wundayatta's avatar

There’s something fishy about this. I checked the link and my phone didn’t like the security certificate. Then I googled out and found another company looking fort investors.

The moral hazard problem seems like out would be immense. People who are likely to divorce would be the only ones to buy it. You can’t make money that way. I don’t trust it.

poisonedantidote's avatar

I would not. My first reaction is scamy scam is scaming. At first look, i cant think of any way the math would add up for them to make any money.

john65pennington's avatar

Bad idea. no matter who has what covered by insurance, the final word will come from the court and the insurance companies would not fight this. bad idea. it’s just someone’s idea to collect money from the public, as usual.

Seek's avatar

Everything I’ve heard says that it doesn’t stand up in divorce court. Better to just get a prenup. Or even a postnup.

Adirondackwannabe's avatar

I wouldn’t enter into a marriage if this was in the back of my mind.

Seaofclouds's avatar

I don’t think it’s a good idea and it definitely seems like a scam to get people’s money. If someone is that worried about their marriage failing that they want to have money for when they get out, they should find another way to save the money and then leave.

downtide's avatar

If you have money to waste on this you’d be better off putting it into an investment account instead. That way, you also win if you don’t get a divorce too.

Blackberry's avatar

I think a prenup is the same, either way, I’ll protect myself.

tranquilsea's avatar

I’m not a fan of pre-nups so marriage insurance is out. I can understand uber wealthy people getting a pre-nup for obvious reasons.

In my mind you’re either in or out. By buying marriage insurance you have one foot out the door.

augustlan's avatar

@tranquilsea wrote what I was going to. I agree with everything she said.

Trillian's avatar

No. See what @tranquilsea wrote.

tranquilsea's avatar

I’ve been thinking about this a little bit more and can you just imagine on year 5 of your marriage having a $150 per month premium come out of your account? (for $12,500 of coverage).

“Honey, I thought it would be really great if we could start saving for a holiday in Europe.”
“Um, we can’t because we have to pay $150 every month just in case this marriage fails.”

$150×60= $9000 if you stuffed that money in your mattress.

This flies in the face of the fact that money problems account for a majority of divorces.

Ridiculous.

nikipedia's avatar

I don’t even understand what this is. I pay car insurance every month. If I get into an accident, Geico will send me a check to buy a new car. If I get divorce insurance, then does someone send me a check so I can buy a new husband?

Cruiser's avatar

@tranquilsea That was what it appeared to me too. You almost pay for the entire funded amount after 8 years of premiums. Seems scammy at best and very unseemly to me.

tranquilsea's avatar

@Cruiser the only plus to this scam is that your benefit doubles and then triples after a set period of time.

As you stated putting that money to one side and investing it conservatively will net you some peace of mind if/when you were to get into financial trouble.

Trillian's avatar

@tranquilsea Hehehehe. unless you get divorced and argue about who gets the money! ;-)

Neizvestnaya's avatar

No, I’d go with a pre nup instead.

YARNLADY's avatar

No, I live in a community property state, and that’s good enough for me.

BratLady's avatar

After almost 41 years I think we’re safe. Unless you are rich and famous I don’t see the need. Too many couples go into marriage thinking if it don’t work we can get a divorce without making the effort to try.

BarnacleBill's avatar

I see the concept as an extension of wedding insurance, which covers your expenses in the event the bride/groom gets cold feet, the dress doesn’t get altered, a hurricane hits the honeymoon locale. Given that 3% of all marriages end the first year, and 20% of divorces happen in the first 5 years, there is some merit to having some sort of financial coverage.

iamthemob's avatar

I was wondering how this would make money – and then after reading some of the responses covering the stats, it seems pretty clear that the premium structure is set up to play the odds, much like medical insurance, etc.

This discussion on pre-nups covers opinions on the other side, which I think is more reasonable. Talking about these issues isn’t getting into it with one foot out the door – in all honesty, people simply change, and family changes people. As a civil contract, each party needs to be adult enough, honest and open enough, to discuss how they’d like to end the relationship so that they can still love each other, instead of hoping for the best and getting all caught up in the mess if it all ends.

brokensoul's avatar

I guess I have the view that insurance is for accidents, for things we can not control, I just don’t view my marriage as ever being an accident. What barnaclebill brought up about WEDDING insurance I can understand, but just not marriage, if I even thought I needed it, then there should never be a marriage.

wundayatta's avatar

@brokensoul Yet divorce is an accident. No one goes into a marriage expecting to divorce. Look at all the people here saying it wouldn’t be necessary for them. Since half of all marriages end in divorce, the odds are that some of them will get divorces.

It’s an unexpected event. An “accident” if you will. So it makes sense to insure against it, although there is probably a moral hazard. People who think there is a greater likelihood of divorce are more likely to get one. And one could scam the system unless there are certain protections. It would be interesting to see the whole language used.

YARNLADY's avatar

@wundayatta Watch your statistics, please. Not half of all marriages, but rather a comparison marriages that took place during the reporting and the divorces that took place during that same period. That does not mean what you said

brokensoul's avatar

@wundayatta People don’t accidentally get divorced, its a choice. A car/house, could be broken, smashed, wrecked, stolen, it is a possibility so I would purchase insurance to cover my potential loss. However, if I had to view my marriage in the same light, if I thought any of that “could” happen, then it’s not time for marriage. Of course this is just my opinion, but I don’t think people treat marriage seriously anymore, its hard work, “for better or worse” is not said for no reason! It is sad to see how hard people will work to keep a job even though they hate it but wont stick it out and work on a marriage.

wundayatta's avatar

50% 40%; It changes; 41%-43%; 49%.

There is a controversy about how this number is created. Some people say it is a projection, and others say it is based on current data. To tell the truth, @YARNLADY, I don’t know what to think.

YARNLADY's avatar

Each chart uses different numbers, collected from different sources. Insurance Underwriters are the most likely to have the best statistics, because their business depends on it.

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