None Vegetarian Need Not Apply For This Life Insurance
Summary
An interesting new product has been developed by Animal Friends Insurance (AFI). The new policy offers cheaper premiums to vegetarians, based on evidence that they are at a lower risk than their carnivorous counterparts of developing certain diseases. It remains to be seen whether other insurance organisations will follow the lead set by Animal Friends Insurance .
A not for profit insurance firm has launched an insurance scheme which offers fish-eaters and vegetarians a reduced premium life cover .
The offer, thought to be the first of its kind, is being brought to the market by Animal Friends Insurance (AFI). The business is offering non-meat eaters a 7% lower priceon mortgage life insurance premiums
The organisation claimed that vegetarians ought to pay a lower amount for the insurance, which pays out if the plan holder were to die, because they were more unlikely to suffer from a list of chronic illnesses, including some cancers.
Sheils Hatline, AFI’s senior director, claims that the danger of veggies being diagnosed with certain cancers is reduced by up to 40 per cent and the possibility of them suffering from heart disease is reduced by up to 30 per cent, but despite this they have, until now, had to pay broadly the same life insurance premiums as policyholders who eat meat.
She says that AFI believe that this is not fair and says the insurers should recognise the fact that being a vegetarian can impose have a big influence on life expectancy and cut its premiums accordingly.
A standard policy is also on the market for non-vegetarians. Both policies are brought to the market by LV=, which was previously known as Liverpool Victoria.
In common with normal life plans, a range of aspect contribute to the cost of the premium including whether the applicant smokes, their age, weight and sex.
Just at the moment, Animal Friends Insurance is making the six per cent lower price itself from the money it receives from LV=. In the future, however, the company’s objective was to offer lower costs on specialist plans. In offering the deal the firm is hoping to sign up enough veggies to make it viable for LV= to underwrite yet another insurance policy that takes the veggie diet into account.
Indeed there are welcome savings to be had, a 40-year-oldnon-smoker wanting £300,000 worth of life insurance cover might potentially save £393.60 over a 25-year term.
Where life insurance is concerned, AFI believes that insurers should start to treat those that like meat and non-meat eaters in ways that are similar to the way they assess those that smoke and those that don’t. Hopefully others in the insurance industry will follow the initiative.
Some peoplein the insurance industry doubt whether there is proof that veggies live longer, and how any insurance company could prove that people who had stated that they are veggies did not munch on an occasional bacon sandwich.
When it comes to smoking, it’s true that there are your Doctor’s records – if you do smoke it’s probable that your GP is likely to know. But this isn’t the case when it comes to eating meat, an insurance executive observed.
But some veggies contend that they are not concerned about people falling off the vegetarian wagon and suggested that once a vegetarian has become a veggie, they do not regress to meat-eating, that is unlike those that smoke who tend to drift in and out of their habit.
