Sep 9 (THAINDIAN NEWS) John Logan is a business man from North Carolina who describes himself as a “Serial Entrepreneur”, and has come up with a rather interesting concept which is sure to not only make him a fortune, but save many couples a good deal of money as well.

Although marriage was meant to be a permanent arrangement, reality is such that pre-nuptial agreements and divorce proceedings are a daily occurrence. After spending years in a relationship, often including houses, cars, and children, the cost of going your separate ways can often be quite high. The solution? Divorce insurance!

Logan has created a company, which he named “WedLock” to sell divorce insurance, which is said to defray the cost of a divorce and hopefully make breaking up less hard on the wallet than it is on the heart. According to some statistics, 40 to 50 percent of all first marriages end in divorce, and the cost of alimony and child support can be enough to break the bank.

Logan said to ‘ABC’, “I got divorced several years ago and it was world-class ugly. People can say that all they want but the truth is the odds of divorce are higher than most of the other things we commonly insure ourselves against.”

The policy is said to be the first of this type, and the company has already expanded to British customers. The monthly rare of $16 for a single unit of coverage will earn a customer $1,250 in benefits. Additional units can be bought at the same price, up to 200 units for $250,000 in benefits.

But there is a catch, you have to stay with your spouse for at least four years in order to cash in, since that is how long it will take for the policy to mature. If you are in a hurry, however, they do offer an accelerated policy,which matures in three years, and costs $30 a month. The policies are not backed by state insurance, or any government fund, however, but are covered only by Prime Insurance, Safeguard’s underwriters.