Summary
An interesting new product has been launched by Animal Friends Insurance. The life insurance policy offers cheap premiums to vegetarians, based on evidence that they are at a lower risk than their carnivore counterparts of developing certain health conditions. It remains to be seen whether other insurance organisations will follow the example set by AFI .
A not-for-profit insurance business has marketed an insurance plan which offers fish-eaters and vegetarians a reduced premium mortgage insurance .
The deal, believed to be the first of its kind, is being marketed by Animal Friends Insurance (AFI). The company is offering vegetarians a 6% price reductionon life cover premiums
The firm said that veggies ought to pay a lower amount for the insurance, which pays out if the client dies, because they were less likely to suffer from a selection of serious conditions, including some cancers.
Elaine Fair, a director at AFI, said that the risk of veggies being diagnosed with certain cancers is reduced by up to 40% and the possibility of them suffering from heart disease is reduced by up to 30%, but despite this they have, until now, had to pay broadly identical insurance premiums as people who eat meat.
She says that Animal Friends Insurance believe this is not fair and says the insurance companies should acknowledge the fact that being a vegetarian can make a very positive impact on life expectancy and reduce its monthly charges accordingly.
A standard policy is also on the market for meat eaters. Both plans are underwritten by LV=, which prior, was known as Liverpool Victoria.
In common with standard life plans, a range of things contribute to the cost of the plans including whether the applicant smokes, their sex, weight and age.
Currently at the moment, AFI is funding the 6 per cent lower price itself from the payment it receives from LV=. In the future, however, the firm’s objective was to offer lower costs on specialist plans. In the company is hoping to sign up enough veggies to make it economically viable for LV= to underwrite yet another insurance policy that takes the veggie diet into account.
Indeed there are worthwhile savings to be had, a 42-year-oldnon-smoker purchasing £300,000 worth of insurance cover might potentially save £393.60 over a 20-year period.
Where critical illness is concerned, AFI considers that insurers should begin to treat those that eat meat and people that don’t eat meat in approaches matching the way they approach those that smoke and those that don’t. Perhaps others in the insurance industry will do something similar.
It is thought that some executivesin the insurance industry do not believe there is robust proof that vegetarians live longer, and how any life insurer could prove that those who had stated that they are veggies 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 GP is likely to know about it. However, this is not the case when it comes to eating meat, an an insurance industry spokesperson 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 vegetarian, they don’t return to meat-eating, that’s unlike people who smoke who tend to drift out and back again into their habit.
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