Saturday, November 8, 2008

Marriage For Insurance

If you're thinking the idea of marriage insurance is new, then think again. Its roots go back to the very beginnings of insurance in England. As early as 1664, insurance policies were being written on births, marriages, christenings, and more. Marriage itself is a forward-looking and joyous event. It is a time when your outlook seems bright, and dreams are coming to fruition. Throughout history, marriage has been the cornerstone of what we know as civilized society; or perhaps religious society.

Couples of today are marrying later in many cases. Both husband and wife bring more assets and more debt into the relationship. Yet, it's rare that an investment vehicle today can provide individuals with monetary incentive for simply staying married. Forms of agreement are available in triplicate for divorce settlements. But as far as pre-vow papers go to insure an increase in wealth if two people can stay married, they simply are hard to come by, if they exist at all. There are very few guarantees in life, some may argue only one, and based on the current divorce rates, any insurance company offering these policies would surely make a fortune, right? Well, not exactly. Once you're married, you're married until death or divorce papers are signed. If a couple had a large monetary settlement coming after 20 years, they could divorce after 10 and refuse to sign the papers, agreeing to split the money when it comes.

Approximately 2.3 million weddings take place in the U.S. alone annually. Data suggests that half of these marriages will end via divorce. One of the only insurance companies offering to pay a settlement upon completion of a 25th wedding anniversary is the SafeGuard Guaranty Corporation. If the idea of an insured marriage sounds crazy, then maybe you're better suited finding an insured wedding. Many insurance companies out there will insure your wedding. And for many people, it's the only way to tie the knot.

Wedding costs keep skyrocketing, and brides and grooms are taking big financial risk to plan that special day. With all of the things you have to book like the church, caterers, reception hall, etc, things can just get crazy for you if one goes belly up. Instead of ending up thousands in the red, companies like WedSafe are allowing you to insure weddings. A policy like this covers all sorts of unforeseen problems that could derail a wedding. If any event leads to a cancellation or postponement, the policy will foot the bill.

These policies are vastly different. One wants to ensure your fail to reach your 25th, and the other wants to be sure you make it through that faithful day. But either way you slice it, neither policy seems like a bad idea if you're getting married. Why not have insurance on your wedding day, all the way up through your 25th anniversary?