If Youre Not Vegetarian Dont Apply For This Life Insurance
Summary
An interesting new insurance product has been introduced by Animal Friends Insurance. The new policy offers cheaper premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivorous counterparts of developing certain illnesses. It remains to be seen whether other insurers will follow the new policy marketed by Animal Friends Insurance .
A not-for-profit insurance business has launched an insurance policy which offers vegetarians and fish-eaters a reduced premium cheap life cover .
The offer, considered to be the 1st of its type, is being pioneered by Animal Friends Insurance (AFI). The company is offering non-meat eaters a six per cent lower priceon life insurance premiums
The company claimed that vegetarians ought to pay a lesser cost for the insurance cover, which pays out if the person were to die, because they were more unlikely to suffer from a range of very serious illnesses, including cancers.
Elaine Fair, AFI’s senior director, claims that the risk of veggies being diagnosed with certain cancers is lowered by up to 42% and the possibility of them suffering from heart disease is cut by up to 30 per cent, but despite this they have, until now, had to pay identical life insurance premiums as customers who eat meat.
She says that AFI believe this is unfair and says the insurers should acknowledge the fact that being a veggie can create a positive impact on life expectancy and reduce its monthly premiums accordingly.
A standard priced policy is also on the market for meat eaters. Both insurance plans are sold by LV=, which used to be known as Liverpool Victoria.
In common with standard life plans, a range of aspect contribute to the cost of the policies including whether the applicant smokes, their weight, age and sex.
Just at the moment, Animal Friends Insurance is carrying the 6 per cent lower price itself from the fee it earns from from LV=. In the future, however, the firm’s aim was to offer lower costs on specialist policies. In making the offer the business is hoping to sign up enough veggies to make it viable for LV= to underwrite yet another policy that takes the vegetarian’s diet into account.
Indeed there are worthwhile savings to be had, a forty-year-oldnon-smoker buying £300,000 worth of life insurance might potentially save £393.60 over a twenty five year term.
Where critical illness insurance is concerned, AFI believes that life insurers should start to treat meat eaters and those that do not eat meat in a way that is similar to the way they assess non-smokers and smokers. We hope that that other companies in the insurance industry will take the same initiative.
Some senior executivesin the insurance industry doubt whether there is proof that veggies live longer, and how any insurer would know that people who had stated that they are vegetarian did not sometimes enjoy the odd lamb chop.
When it comes to smoking, it’s true that there are your Doctor’s records - if you do smoke it’s certainly likely that your Doctor would know. But this won’t apply when it comes to eating meat, an said a spokesperson from the insurance industry.
But many veggies argue that they are not worried about people falling off the veggie ways and suggested that once a veggie has become a veggie, they don’t go back to meat-eating, that is unlike applicants who smoke who tend to drift in and out of their habit.