If Youre Not Vegetarian Dont Apply For This Life Insurance
Summary
An innovative new insurance plan has been launched by Animal Friends Insurance. The new policy offers discounted premiums to vegetarians, based on evidence that they are at a lesser risk than their meat-eating counterparts of developing certain health conditions. It remains to be seen whether other insurance organisations will follow AFI’s lead .
A no-profit insurance business has marketed a scheme which offers fish-eaters and vegetarians a reduced cost life insurance.
The offer, considered to be the 1st of its kind, is being introduced by Animal Friends Insurance (AFI). The business is offering non-meat eaters a six per cent lower priceon mortgage protection premiums
The business claimed that vegetarians ought to pay a lower amount for the insurance, which pays out if the plan holder dies, because they were less likely to suffer from a selection of serious conditions, including some cancers.
Elaine Fair, the managing director of AFI, said that the risk of vegetarians being diagnosed with certain cancers is shrunk by up to forty per cent and the risk of them suffering from heart disease is reduced by up to 32 per cent, but despite this they have, until now, had to pay broadly identical insurance costs as plan holders who eat meat.
She says that Animal Friends Insurance think that this is patently unfair and says the insurers should recognise the idea that being a veggie can make a very positive impact on life expectancy and lower its monthly charges accordingly.
A standard price arrangement is also on the market for non-vegetarians. Both policies are sold by LV=, which used to be known as Liverpool Victoria.
In common with standard life plans, a range of things contribute to the cost of the premiums including whether the applicant smokes, their sex, weight and age.
At the moment, AFI is carrying the six per cent lower price itself from the payment it receives from LV=. In the future, however, the business’s aim was to offer lower costs on specialist plans. In the firm is hoping to sign up enough veggies to make it economically worthwhile for LV= to underwrite yet another insurance plan that takes the vegetarian’s diet into account.
Indeed there are huge savings to be had, a 42-year-oldnon-smoker wanting £300,000 worth of life cover might potentially save £393.60 over a 20-year period.
Where critical illness insurance is concerned, AFI thinks that life insurers should begin to treat meat eaters and those that do not eat meat in ways that are similar to the way they view those that smoke and those that don’t. Perhaps others in the insurance industry will follow the initiative.
Some peoplein the insurance industry do not believe there is any proof that vegetarians live longer, and how any life insurer could prove that those who had applied stating that they are veggies did not munch on an occasional bacon sandwich.
It’s true that when it comes to smoking there are GP records - if you now don’t smoke it’s likely that your Doctor will know. However, this is unlikely to apply when it comes to eating meat, an executive from the insurance industry commented.
But many veggies argue that they are not concerned about people falling off the veggie ways and suggested that once a vegetarian has become a veggie, they don’t return to meat-eating, that’s unlike applicants who smoke who tend to drift in and out of their habit.
