Life Insurance For Vegetarians
Summary
An interesting new product has been introduced by Animal Friends Insurance. The life insurance policy offers cheaper premiums to vegetarians, based on evidence that they are at a lower risk than their carnivorous counterparts of developing certain diseases. It remains to be seen whether other insurance firms will follow the policy introduced by AFI .
A not-for-profit insurance business has marketed an insurance scheme which offers vegetarians and fish-eaters a reduced premium life insurance cover.
The offer, thought to be the first of its type, is being brought to the market by Animal Friends Insurance (AFI). The firm is offering vegetarians a 6% reduction in priceon life assurance premiums
The company said that vegetarians ought to pay a lower amount for the insurance, which pays out if the policyholder dies, because they were more unlikely to suffer from a range of chronic diseases, including cancers.
Elaine Fair, AFI’s senior director, said that the danger of vegetarians being diagnosed with certain cancers is reduced by up to forty per cent and the risk of them suffering from heart disease is cut by up to thirty per cent, but despite this they have, until now, had to pay broadly identical life premiums as customers who eat meat.
She says that Animal Friends Insurance believe that this is not fair and says the insurance companies should recognise the idea that being a veggie can create have a positive influence on life expectancy and reduce its monthly charges accordingly.
A standard price policy is also on the market for meat eaters. Both insurance policies are marketed by LV=, which used to be known as Liverpool Victoria.
In common with normal life policies, a range of things contribute to the cost of the premium including whether the applicant smokes, their weight, age and sex.
Just at the moment, Animal Friends Insurance is making the six per cent reduction in price itself from the payment it earns from from LV=. In the future, however, the company’s aim was to offer lower costs on specialist insurance plans. In offering the deal the organisation is hoping to sign up enough vegetarians to make it viable for LV= to underwrite another insurance plan that takes the vegetarian’s diet into account.
Indeed there are huge savings to be made, a 42-year-oldnon-smoker buying £300,000 worth of life cover might potentially save £393.60 over a 20-year period.
Where serious illness insurance is concerned, AFI thinks that life insurance companies should start to treat those that like meat and people that don’t eat meat in approaches matching the way they approach non-smokers and smokers. We hope that that other companies in the insurance industry will do the same.
It is thought that some executivesin the insurance industry doubt whether there is robust proof that veggies live longer, and how any insurance company would know that those who had stated that they are veggies did not savour the occasional rump steak.
When it comes to smoking, it’s true that there are your Doctor’s records – if you now don’t smoke it’s certainly likely that your GP will be aware. But this isn’t the case 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 veggie, they do not go back to meat-eating, that’s unlike people who smoke who tend to drift out and back again into their old smoking ways.
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