Relationships are undergoing drastic changes. Marriages are frequently ending up in divorce. Human psychology is fluctuating; they get bored with each other very soon.
One keeps looking for his or her favourite thing, gets hold of it, stays with it for a certain time, then just give it off. Presently this flickering attitude is not only restricted to material possessions, it is applicable on human life also.
Relationships are just like a thread, which you can shred off at any end of your choice.
Rites of marriage are able to create everlasting bond between two souls. However, in this fast moving world, one can hardly find a couple, who have their marriage lasting till their death.
Many couple ends up getting divorce for various reasons and petty issues. Recent statistics show up that 40% of marriages in United States ends up in divorce.
Divorce not only brings about emotional down turn but also hampers your financial stature. As you need to pay heavy fees to lawyers, witnesses, forensic accounts at the same time pay your investigators. These expenses at times add up to miseries.
If you planning to live alone for next set of years, what you will mostly need, is financial support. If your divorce can help you then you can look forward to set a new life at your own choice.
Divorce is a serious problem for which insurance providers are making themselves introduced to new form of concept called “Divorce Insurance”.
Do You Know What This Divorce Insurance Is?
Just like other insurance, this product provides coverage in case of divorce. It is a general contract between insurer and the insured to pay coverage amount during divorce. For which they need to pay a premium monthly or yearly to get the value in return during a divorce.
If you think that you are going to face weak financial condition during post divorce period then you can surely opt for this product. If you are thinking that cracking this insurance is quite simple and one can misuse it then, you should know that insurance provider has kept some provision to curb its misuse.
Do Know How This Policy Is Going To Work For You?
Generally, divorce insurance is sold as units. You have to pay a charge per month, based on every unit that you are going to buy. In this way, company keeps on increasing total coverage amount, in case when a claim is not raised.
When policyholder like you desires to establish a claim then you can handle over the total sum insured. However, insured has to fulfill a maturity period after which claim is raised. If you are going to get divorced before maturity period then you might not claim the maturity amount.
What Is The Maturity Period?
Maturity period of divorce insurance is generally 48 months and policyholder cannot claim it before 4 years, from the date of issue of policy. Maturity period is fixed, so that you do not buy policies to get a claim settlement.
Have You Got Any Riders For This Policy?
Additional riders are available over this policy and you can buy them with extra surcharges. Riders help to reduce maturity period from four years to three years.
Why Will You Need Divorce Insurance?
Going to file for divorce it does not mean that you will be in a stable financial condition. With divorce insurance, you do not need to worry about expenses incurred and guaranteeing you with financial security.