Editor’s note: This article was first published in October 2010; the average cost of about €1,500 for an uncontested divorce in Spain and the success attributed to SafeGuard Guaranty’s divorce insurance reflect that time.
Insurance companies are constantly studying new markets, and this time they’ve come up with a new business idea in the lucrative market of “love”. Every tragic divorce begins with a happy marriage, which is why many couples don’t consider the possibility that their happy love story might one day end in divorce.
I haven’t had the luck, or misfortune, of going through a divorce, but I know it isn’t usually cheap. Between the lawyer, the court representative (procurador) and the paperwork, we could be talking about around €1,500 on average, for a conventional divorce that doesn’t have to go to court to “bid” for custody of the children.
If we take out insurance against disasters at home, another to cover funeral costs and plenty of others besides, why not pay a small annual premium in case the day comes when we get divorced? That’s what a pioneering company in this type of insurance, Safeguardguaranty.com, thought, and it is doing well with this kind of policy, since divorce is a perfectly ordinary thing nowadays. According to statistics, two divorces are taking place while you read this article. Going through it can’t be pleasant, but I imagine you’d at least feel more at ease knowing the insurance pays for the procedures and you don’t have to fork out a large sum.
As we can see, large companies, such as insurers in this case, are constantly evolving and studying new business markets.
Further reading
- The most profitable businesses of 2010–2012
- How can I start a business with no money?
- The mindset of an entrepreneur: Donald Trump
- The keys to success in business
Featured image: Ken Lund from Reno, Nevada, USA, CC BY-SA 2.0, via Wikimedia Commons.
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