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Parent Category: Advanced News Lessons

Category: Relationships Lessons

Written by Chris Cotter

All sorts of online businesses come and go these days, from the legitimate to the fraudulent to the crackpot. Olu O. Eniwaye, a professor at Daytona State College in Ohio, thought up a new idea: sell marriage insurance online. After all, in the US alone, 50% of marriages are dissolved by divorce. There's added complexity in the relationship because couples continue to marry later in their lives. Both men and women bring more assets to the union, as well as debt.

Surprisingly, the idea of marriage insurance isn't such a new one. In England of the 1600s, insurance policies were regularly written for marriages and births. However, from today's point of view, many of these policies appeared more as wagers. England outlawed the practice in the early 1700s, and the idea has languished for some three hundred years.

Eniwaye's insurance policy offers financial remuneration for policy holders whose marriages end in divorce. Figures indicate that the combined wealth of couples increases some 16% for each year of marriage. Therefore, the insurance is financial safety net of sorts, providing a minimal amount of the lost wealth resulting from the termination of the marriage. Claim amounts range from $250 to $10,000, and annual premiums totaling $102.50 to $610. The idea developed as a result of Eniwaye's background in counseling.

Some people have questioned the veracity of the idea. One such individual is John Logan, who filed a consumer-fraud complaint. The primary problem: Eniwaye doesn't have a license to sell the insurance, which makes it a felony punishable by a fine and/or prison time. Eniwaye has denied the charges.