Summary
An innovative new insurance plan has been introduced by Animal Friends Insurance (AFI). The new policy offers cheaper premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivorous counterparts of developing certain illnesses. It remains to be seen whether other insurers will follow the policy introduced by AFI .
A not for profit insurance firm has introducd a scheme which offers vegetarians and fish-eaters a reduced cost life cover .
The offer, believed to be the 1st of its type, is being pioneered by Animal Friends Insurance (AFI). The company is offering veggies a seven per cent lower priceon life assurance premiums
The firm claimed that veggies ought to pay less for the product, which pays out if the customer dies, because they were more unlikely to suffer from a range of very serious illnesses, including some cancers.
Elaine Fair, a director at AFI, claims that the risk of vegetarians being diagnosed with certain cancers is shrunk by up to 40% and the possibility of them suffering from heart disease is lowered by up to 30 per cent, but despite this they have, until now, had to pay the same life premiums as plan holders who eat meat.
She says that AFI believe this is patently unfair and says the insurers should recognise the fact that being a veggie can create have a positive influence on life expectancy and lower its monthly charges accordingly.
A standard plan is also on the market for non-vegetarians. Both plans are underwritten by LV=, which prior, was known as Liverpool Victoria.
In common with standard life insurance policies, a range of aspect contribute to the cost of the premium including whether the applicant smokes, their age, sex and weight.
At the moment, AFI is funding the seven per cent discount itself from the commission 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 firm 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 welcome savings to be had, a 40-year-oldnon-smoker purchasing £300,000 worth of life insurance might potentially save £393.60 over a 25-year term.
Where cheap life insurance is concerned, AFI believes that insurance companies should try to treat those that like meat 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. Hopefully others in the insurance industry will follow the initiative.
Some peoplein the insurance industry do not believe there is verifyable proof that veggies live longer, and how any life insuranec company could prove that those who had applied stating that they are vegetarian did not enjoy the occasional Big Mac.
It’s true that when it comes to smoking there are GP records - if you do smoke it’s probable that your Doctor will be aware. However, this is unlikely to apply when it comes to eating meat, an an insurance industry spokesperson observed.
But many veggetarians say that they are not worried about people falling off the veggie wagon and suggested that once a vegetarian has become a vegetarian, they don’t go back to meat-eating, that is unlike people who smoke who tend to drift out and back again into their habit.
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