None Vegetarian Need Not Apply For This Life Insurance
Summary
An innovative new insurance product has been developed by Animal Friends Insurance. The new policy offers cheaper premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivore counterparts of developing certain medical conditions. 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 introducd an insurance plan which offers vegetarians and fish-eaters a reduced premium cheap life cover .
The deal, considered to be the first of its kind, is being pioneered by Animal Friends Insurance (AFI). The company is offering non-meat eaters a 6% lower priceon life insurance cover premiums
The company claimed that veggies ought to pay less for the product, 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.
Amanda Jude, the managing director of AFI, said that the risk of veggies being diagnosed with certain cancers is shrunk by up to forty per cent and the possibility of them suffering from heart disease is cut by up to 32%, but despite this they have, until now, had to pay broadly the same premiums as customers who eat meat.
She says that Animal Friends Insurance think that this is unfair and says the insurers should recognise the concept that being a veggie can make a very positive impact on life expectancy and lower its monthly charges accordingly.
A standard plan is also on the market for meat eaters. Both plans are marketed by LV=, which was known as Liverpool Victoria.
In common with standard life cover, a range of aspect contribute to the cost of the monthly premium including whether the applicant smokes, their sex, weight and age.
Currently, AFI is carrying the 6 per cent lower price itself from the cash it earns from from LV=. In the future, however, the firm’s objective was to offer lower premiums on specialist insurance cover. In the organisation is hoping to sign up enough vegetarians to make it viable for LV= to underwrite yet another insurance plan that takes the veggie diet into account.
Indeed there are welcome savings to be had, a 42-year-oldnon-smoker purchasing £300,000 worth of insurance cover might potentially save £393.60 over a twenty year period.
Where critical illness is concerned, AFI believes that insurers should begin to treat meat eaters and those that do not eat meat in ways that are similar to the way they approach those that don’t smoke and those that do. Perhaps other companies in the insurance industry will do the same.
It is thought that some senior managersin the insurance industry do not believe there is proof that veggies live longer, and how any insurer would know that applicants who had stated that they were vegetarian did not eat the odd spare rib.
When it comes to smoking, it’s true that there are your Doctor’s records – if you now don’t smoke it’s likely that your GP will be aware. But this won’t apply when it comes to eating meat, an executive from the insurance industry commented.
But some veggies contend that they are not concerned about people falling off the vegetarian ways and suggested that once a veggie has become a vegetarian, they don’t regress to meat-eating, that is unlike those that smoke who tend to drift in and out of their habit.
