Life Policies Especially For Vegetarians
Summary
An innovative new insurance policy has been launched by Animal Friends Insurance. The life insurance policy offers cheap premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivore counterparts of developing certain health conditions. It remains to be seen whether other insurance organisations will follow AFI’s lead .
A none profit insurance firm has introducd an insurance scheme which offers vegetarians and fish-eaters a reduced cost mortgage insurance .
The offer, thought to be the 1st of its kind, is being introduced by Animal Friends Insurance (AFI). The firm is offering veggies a seven per cent reduction in priceon mortgage protection premiums
The business claimed that veggies ought to pay a lower amount for the cover, which pays out if the plan holder dies, because they were more unlikely to suffer from a list of chronic illnesses, including cancers.
Elaine Fair, A senior director at Animal Friends Insurance, said that the danger of vegetarians being diagnosed with certain cancers is lowered by up to 40% and the danger of them suffering from heart disease is cut by up to 30%, but despite this they have, until now, had to pay identical insurance costs as people who eat meat.
She says that Animal Friends Insurance think that this is patently unfair and says the life industry should recognise the idea that being a vegetarian can make have a positive influence on life expectancy and cut its charges accordingly.
A full-price plan is also on the market for non-vegetarians. Both policies are marketed by LV=, which prior, was known as Liverpool Victoria.
In common with standard life plans, a range of aspect contribute to the cost of the monthly premium including whether the applicant smokes, their age, sex and weight.
Just at the moment, Animal Friends Insurance is carrying the 6% reduction in price itself from the cash it gets from LV=. In the future, however, the company’s aim was to offer lower costs on specialist plans. In ,offering the discount the organisation is hoping to sign up enough vegetarians to make it worthwhile for LV= to underwrite yet another insurance policy that takes the veggie diet into account.
Indeed there are big savings to be had, a forty two year oldnon-smoker wanting £300,000 worth of life cover might potentially save £393.60 over a twenty year term.
Where cheap life insurance is concerned, AFI believes that insurers should try to treat meat eaters and those that do not eat meat in ways that are similar to the way they view non-smokers and smokers. Perhaps others in the insurance industry will do something similar.
It is thought that some executivesin the insurance industry are dismissive that there is any proof that vegetarians live longer, and how any life insurer would know that applicants who had certified that they are veggies did not savour the occasional rump steak.
When it comes to smoking, the insurance company can refer to your GP’s patient records - if you now don’t smoke it’s likely that your GP is likely to be aware. But this won’t apply when it comes to eating meat, an insurance executive observed.
But many veggetarians say that they are not worried about people falling off the veggie way of eating and suggested that once a veggie has become a veggie, they don’t regress to meat-eating, that’s unlike smokers who tend to drift in and out of their habit.