If Youre Not Vegetarian Dont Apply For This Life Insurance
Summary
An innovative new insurance policy has been marketed by Animal Friends Insurance (AFI). The life insurance policy offers lower premiums to vegetarians, based on evidence that they are at a lesser 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 an insurance scheme which offers egg eaters and vegetarians a reduced price life insurance.
The offer, considered to be the 1st of its type, is being brought to the market by Animal Friends Insurance (AFI). The company is offering veggies a 6% cheaper premiumon life insurance premiums
The business claimed that vegetarians ought to pay a lower amount for the insurance, which pays out if the customer were to die, because they were more unlikely to suffer from a range of chronic diseases, including cancers.
Rebecca Puttey, A senior director at Animal Friends Insurance, claims that the risk of veggies being diagnosed with certain cancers is shrunk by up to forty two per cent and the possibility of them suffering from heart disease is lowered by up to 30%, but despite this they have, until now, had to pay broadly the same insurance costs as people who eat meat.
She says that Animal Friends Insurance think that this is not fair and says the insurance companies should recognise the idea that being a veggie can make a very positive impact on life expectancy and cut its monthly premiums accordingly.
A standard policy is also on the market for non-vegetarians. Both insurance policies are sold by LV=, which used to be known as Liverpool Victoria.
In common with standard life insurance policies, a range of aspect contribute to the cost of the premiums including whether the applicant smokes, their sex, weight and age.
At the moment, AFI is making the 7% price reduction itself from the payment it gets from LV=. In the future, however, the firm’s aim was to offer lower costs on specialist plans. In ,offering the discount the business is hoping to sign up enough veggies to make it worthwhile for LV= to underwrite yet another policy that takes the vegetarian’s diet into account.
Indeed there are big savings to be made, a thirty eight year oldnon-smoker buying £300,000 worth of cover might potentially save £393.60 over a twenty year period.
Where critical illness is concerned, AFI thinks that insurers should begin to treat meat eaters and those that do not eat meat in ways that are similar to the way they assess those that don’t smoke and those that do. Hopefully others in the insurance industry will do the same.
It is thought that some senior managersin the insurance industry do not believe there is proof that veggies live longer, and how any insurance company would know that those who had applied stating that they are veggies did not savour the occasional rump steak.
When it comes to smoking, the insurance company can refer to your Doctor’s records – if you do smoke it’s probable that your GP would be aware. But this does not 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 vegetarian ways and suggested that once a veggie has become a veggie, they do not regress to meat-eating, that’s unlike those that smoke who tend to drift out and back again into their old smoking ways.
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