While not everyone is going to need this new insurance branch, divorce insurance exists now! Richard Zizian – who is a legal educator as well as a holder of a California Juris Doctorate although he isn’t a licensed or practicing attorney – collaborated with the Great American Insurance Group in order to create a new program called Marita Settlement Agreement Insurance, also shortened to MSAI. Zizian understands how difficult a divorce can be emotionally on a person as he went through this process himself. He noted once that this emotional drain can make someone more susceptible to being laid off.
However, the term “Divorce Insurance” is a bit misleading. MSAI is really a supplement to unemployment insurance, which will cover you if you are unable to meet your support obligations. Basically: don’t buy it to feel like you are less likely to have a divorce, but it to make sure you are insured in case you end up being unemployed and you become unable to pay any spousal or child support. If you aren’t paying any spousal or child support, this insurance won’t be helpful for you.
Here is a small list with a few facts about Divorce Insurance:
- The monthly premiums will vary depending on what field you work in. An example would be that someone working in healthcare pays lower premiums than someone in construction because of how likely unemployment is in these fields
- You must be collecting unemployment to receive the benefits of Divorce Insurance, which will pay money directly to the person you are supporting
- This policy will cover your support obligations if it is between $433 per month and $9,000 per month
- Benefits can be collected for a maximum of 26 weeks out of a year; however, you can’t collect any benefits until 2 weeks after your unemployment benefits started
- There’s a six-month waiting period after you get Divorce Insurance until you can start collecting any of your benefits
- You have to make a minimum salary each year in order to qualify for this program. In California, you must make $44,000 per year
This article isn’t trying to promote buying MSAI as much as it is introducing another option for you to consider while you are getting a divorce. You should consult your divorce attorney about your support obligations so you can decide if this insurance is for you.
Also keep in mind that many support orders that are adopted by a Marital Settlement Agreement are modifiable in cases like this where you lose your job.
“Farbod Majd Esq.
Divorce Attorney w/ offices in Beverly Hills/Los Angeles
Services in English, Turkish, and Farsi/Persian (Iranian/American Lawyer)
8383 Wilshire Blvd Suite 646, Beverly Hills, CA 90211
310.956.4600 | Fax: 310.878.8989 | [email protected]”