Vegetarians Given Life Insurance Incentive
Summary
An innovative new insurance policy has been developed by Animal Friends Insurance. The new policy offers cheaper premiums to vegetarians, based on evidence that they are at a lesser risk than their meat-eating counterparts of developing certain health conditions. It remains to be seen whether other insurers will follow the example set by AFI .
A no-profit insurance business has introducd an insurance policy which offers vegetarians and egg eaters a reduced premium life insurance premium .
The offer, thought to be the 1st of its kind, is being marketed by Animal Friends Insurance (AFI). The business is offering veggies a 7% discounton cheap life cover premiums
The firm said that vegetarians ought to pay a lesser sum for the insurance, which pays out if the person dies, because they were more unlikely to suffer from a selection of serious conditions, including cancers.
Sheils Hatline, A senior director at Animal Friends Insurance, claims that the danger of veggies being diagnosed with certain cancers is reduced by up to 40 per cent and the possibility of them suffering from heart disease is cut by up to 30 per cent, but despite this they have, until now, had to pay the same insurance costs as clients who eat meat.
She says that AFI believe this is patently unfair and says the life insurance industry should recognise the fact that being a veggie can create a very positive impact on life expectancy and cut its monthly charges accordingly.
A standard price plan 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 cover, a range of factors contribute to the cost of the premiums including whether the applicant smokes, their age, weight and sex.
At the moment, AFI is funding the seven per cent lower price itself from the money it earns from from LV=. In the future, however, the firm’s objective was to offer lower premiums on specialist policies. In offering the price reduction the business is hoping to sign up enough veggies to make it cost effective for LV= to underwrite yet another policy that takes the veggie diet into account.
Indeed there are worthwhile savings to be made, a thirty eight year oldnon-smoker buying £300,000 worth of life insurance might potentially save £393.60 over a 20-year period.
Where online life insurance is concerned, AFI believes that life insurers should start to treat those that eat meat and people that don’t eat meat in approaches matching the way they view those that smoke and those that don’t. Perhaps other companies in the insurance industry will do something similar.
Some senior executivesin the insurance industry doubt whether there is verifyable proof that veggies live longer, and how any life insuranec company would know that applicants who had certified that they are veggies did not eat the odd spare rib.
When it comes to smoking, the insurance company can refer to your Doctor’s records – if you now don’t smoke it’s possible that your Doctor would know. But this won’t apply when it comes to eating meat, an executive from the insurance industry commented.
But many veggies argue that they are not worried about people falling off the vegetarian ways and suggested that once a vegetarian has become a veggie, they do not return to meat-eating, unlike those that smoke who tend to drift out and back again into their old smoking ways.
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