To many people life is to be growing up, getting a good job, finding a good partner and waiting for the grim reaper, but not everyone finds that easy, even after gaining it. One of it is Divorce.
Divorce insurance is a form of predetermined accountability that pays the policyholder a cash benefit if their marriage ends in divorce. The tenacity of divorce insurance is to mitigate the risk of incurring significant financial loss as a result of a divorce proceeding. In the current world, the amount of divorces has increased to 50% of all marriages and has been a major contributing agent to bankruptcy and poverty globally which in turn created the demand for such a product.
This type of insurance was established by John A. Logan in 2005, who is the CEO and the founder of SafeGuard Guaranty Corporation. He founded this solely for the purpose of Divorce insurance. The reason by this was his due to his own financial turmoil following his divorce in 2002.
This insurance policy is a form of a casualty insurance, specifically, predetermined accountability insurance and the insurance company reimburses the owner after a marriage is dissolved by the way of divorce or marriage dissolution upon completion of which, the policy owner acquiesces a claim to the insurance company.
To protect against opposing selection, Divorce Insurance policies have an extensive ‘elimination period’ or a waiting period before a claim can be accounted for. At this time the waiting period for the standard plan offered by the company that provides Divorce Insurance is 48 months but it can be different amongst the different companies.
Therefore, if you think that your marriage is likely to fail or end up on a divorce leaving you with the risk of bankruptcy or poverty, it is smart of you to get a proper divorce insurance. Although there are very few companies that offer this type of insurance, it is still worth the thought. You can get the best option of insurance on CX Insurance Services, Inc.