Life Policies Especially For Vegetarians
Summary
An interesting new insurance product has been introduced by Animal Friends Insurance (AFI). The new policy offers cheaper premiums to vegetarians, based on evidence that they are at a lesser risk than their carnivorous counterparts of developing certain medical conditions. It remains to be seen whether other insurance firms will follow the lead set by Animal Friends Insurance .
A none profit insurance firm has launched an insurance policy which offers vegetarians and egg eaters a reduced price cheap life cover .
The offer, thought to be the 1st of its type, is being marketed by Animal Friends Insurance (AFI). The business is offering veggies a seven per cent price reductionon life assurance premiums
The company said that veggies ought to pay less for the insurance, which pays out if the policyholder were to die, because they were more unlikely to suffer from a list of chronic illnesses, including some cancers.
Amanda Jude, a director at AFI, said that the risk of vegetarians being diagnosed with certain cancers is lowered by up to 42 per cent and the risk of them suffering from heart disease is cut by up to 30 per cent, but despite this they have, until now, had to pay identical life insurance premiums as policyholders who eat meat.
She says that AFI believe this is unfair and says the life insurance industry should acknowledge the concept that being a veggie can impose have a significant effect on life expectancy and cut its premiums accordingly.
A standard priced plan is also on the market for non-vegetarians. Both insurance plans are underwritten by LV=, which was previously known as Liverpool Victoria.
In common with normal life plans, a range of factors contribute to the cost of the plans including whether the applicant smokes, their age, sex and weight.
Just at the moment, AFI is carrying the 6 per cent price reduction itself from the fee it receives from LV=. In the future, however, the business’s objective was to offer lower costs on specialist insurance plans. In the company is hoping to sign up enough veggies to make it cost effective for LV= to underwrite another insurance plan that takes the veggie diet into account.
Indeed there are welcome savings to be had, a 42-year-oldnon-smoker buying £300,000 worth of insurance cover might potentially save £393.60 over a twenty year term.
Where critical illness is concerned, AFI thinks that insurers should start to treat those that eat meat and non-meat eaters in ways that are similar to the way they assess those that smoke and those that don’t. It is to be hoped that other companies in the insurance industry will follow the initiative.
It is thought that some senior managersin the insurance industry do not believe there is verifyable proof that veggies live longer, and how any life insurer would know that those who had stated that they were veggies did not eat the odd spare rib.
When it comes to smoking, it’s true that there are your Doctor’s records – if you now don’t smoke it’s possible that your Doctor will know about it. But this won’t apply when it comes to eating meat, an an insurance industry spokesperson observed.
But some veggies contend that they are not worried about people falling off the veggie way of eating and suggested that once a vegetarian has become a vegetarian, they don’t return to meat-eating, that is unlike those that smoke who tend to drift out and back again into their old smoking ways.
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