If Youre Not Vegetarian Dont Apply For This Life Insurance
Summary
An interesting new insurance plan has been launched by Animal Friends Insurance (AFI). The new insurance plan offers cheap premiums to vegetarians, based on evidence that they are at a lesser risk than their meat-eating counterparts of developing certain illnesses. It remains to be seen whether other insurance firms will follow the policy introduced by AFI .
A no-profit insurance business has marketed an insurance scheme which offers fish-eaters and vegetarians a reduced price life insurance cover.
The deal, thought to be the 1st of its type, is being brought to the market by Animal Friends Insurance (AFI). The business is offering non-meat eaters a 6 per cent lower priceon life insurance premiums
The firm said that veggies ought to pay a lesser cost for the insurance cover, which pays out if the policyholder were to die, because they were more unlikely to suffer from a range of very serious illnesses, including cancers.
Susan Gaddet, the managing director of AFI, claims that the danger of vegetarians being diagnosed with certain cancers is reduced by up to forty per cent and the danger of them suffering from heart disease is reduced by up to 32 per cent, but despite this they have, until now, had to pay identical premiums as people who eat meat.
She says that AFI believe this is unfair and says the insurers should recognise the concept that being a veggie can create a very positive impact on life expectancy and lower its charges accordingly.
A standard plan is also on the market for non-vegetarians. Both insurance policies are marketed by LV=, which was known as Liverpool Victoria.
In common with normal life policies, a range of aspect contribute to the cost of the premiums including whether the applicant smokes, their sex, weight and age.
Currently at the moment, AFI is carrying the six per cent cheaper premium itself from the cash it gets from LV=. In the future, however, the firm’s aim was to offer lower costs on specialist cover. In making the offer the business is hoping to sign up enough veggies to make it cost effective for LV= to underwrite yet another insurance policy that takes the vegetarian’s diet into account.
Indeed there are worthwhile savings to be had, a 40-year-oldnon-smoker buying £300,000 worth of life insurance cover might potentially save £393.60 over a 25-year period.
Where serious illness insurance is concerned, AFI believes that insurers should start to treat meat eaters and non-meat eaters in approaches matching the way they assess those that don’t smoke and those that do. Hopefully others in the insurance industry will take the same initiative.
Some managersin the insurance industry doubt whether there is any proof that veggies live longer, and how any insurance company would know that people who had applied stating that they were vegetarian did not savour the occasional rump steak.
When it comes to smoking, the insurance company can refer to your Doctor’s records – if you now don’t smoke it’s likely that your GP is likely to be aware. But this does not apply when it comes to eating meat, an executive from the insurance industry commented.
But many veggetarians say that they are not worried about people falling off the veggie ways and suggested that once a vegetarian has become a veggie, they don’t go back to meat-eating, unlike people who smoke who tend to drift out and back again into their old smoking ways.
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