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Divorced Women’s Insurance Policy

Publish Date: 23 May 2022

Finance101

Divorced Women’s Insurance Policy

Divorce insurance is part of the compulsory coverage in the new unified insurance law

The new divorced women’s insurance policy discussed as part of the new unified insurance law by the Egyptian Senate came as a nice surprise to a lot of women.

Faydety will give you all the details about the new insurance policy issued by the Financial Regulatory Authority (FRA) which will benefit divorced women.

 

The divorced women’s insurance policy will be mandatory. The groom will pay the premium as part of the marriage contract fees. The policy aims to provide a decent life for divorced women until the alimony and other financial obligations that must be fulfilled by the ex-husband are met.

 

Divorced Women’s Insurance Policy:

 

Terms& conditions:

 

  • The couple must have been married for more than 3 years.
  • A 50 EGP fee is collected as part of the marriage contract fee.
  • A 25 EGP fee is collected when the divorce is declared.

 

The purpose of the policy is to grant the divorced woman temporary compensation to help her restart her life especially now that the main financial supporter (husband) is no longer in the picture.

 

Check our article on the new pension law here

 

Solve the divorced women’s income problem

 

The Financial Regulatory Authority (FRA) started discussing this policy after a thorough study on divorced women’s economic conditions post-divorce. The study concluded that the time period from the divorce till a court ruling is issued regarding alimony & other financial rights is between 9-12 months during which a divorced woman has no stable income. According to the Financial Regulatory Authority the divorced women’s insurance policy will help divorced women get through this period until they receive the court ruling. 

The advantage of this policy is that the insurance amount is dispensed by the insurance company without a court ruling.

The insurance compensation is only granted after the 3rd divorce between the same couple (when a couple cannot remarry without a muhallil). 

 

To sum up:
 

  • The divorced insurance policy is part of the obligatory coverages in the new unified insurance law.
  • The couple must have been married for more than 3 years.
  • The compensation is awarded only after the third divorce between the same couple.
  • A compensation of 25,000 EGP is awarded after the irrevocable divorce.

 

More on the divorce women’s insurance policy here

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