Veggies Given Life Insurance Leg Up
Summary
An innovative new insurance plan has been developed by Animal Friends Insurance. The new policy offers cheap premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivorous counterparts of developing certain diseases. It remains to be seen whether other insurance organisations will follow the example set by AFI .
A none profit insurance firm has launched an insurance scheme which offers vegetarians and fish-eaters a reduced premium cheap life cover .
The deal, considered to be the first of its type, is being introduced by Animal Friends Insurance (AFI). The firm is offering vegetarians a 7% price reductionon life insurance premiums
The business claimed that veggies ought to pay a lesser sum for the insurance cover, which pays out if the policyholder dies, because they were more unlikely to suffer from a list of critical illnesses, including cancers.
Amanda Jude, AFI’s senior director, said that the danger of veggies being diagnosed with certain cancers is shrunk by up to 42% and the danger of them suffering from heart disease is cut by up to thirty two per cent, but despite this they have, until now, had to pay broadly identical premiums as customers who eat meat.
She says that Animal Friends Insurance believe this is patently unfair and says the insurers should recognise the fact that being a vegetarian can make a positive impact on life expectancy and cut its monthly charges accordingly.
A standard price arrangement is also on the market for non-vegetarians. Both insurance policies are marketed by LV=, which was known as Liverpool Victoria.
In common with normal life plans, a range of things contribute to the cost of the premiums including whether the applicant smokes, their sex, weight and age.
Just at the moment, Animal Friends Insurance is funding the 6 per cent price reduction itself from the money it receives from LV=. In the future, however, the business’s aim was to offer lower costs on specialist insurance cover. In the organisation is hoping to sign up enough vegetarians to make it cost effective for LV= to underwrite yet another plan that takes the vegetarian’s diet into account.
Indeed there are worthwhile savings to be had, a thirty eight year oldnon-smoker buying £300,000 worth of insurance cover might potentially save £393.60 over a twenty year term.
Where life insurance deals is concerned, AFI thinks that life insurance companies should begin to treat those that like meat and people that don’t eat meat in ways that are similar to the way they approach smokers and non-smokers. Perhaps other companies in the insurance industry will take the same initiative.
Some managersin the insurance industry are doubtful whether there is any proof that vegetarians live longer, and how any insurer could prove that people who had applied stating that they are veggies did not savour the occasional rump steak.
When it comes to smoking, it’s true that there are your Doctor’s records – if you now don’t smoke it’s probable that your Doctor is likely to know about it. But this does not apply when it comes to eating meat, an insurance executive said.
But some veggies contend 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 return to meat-eating, unlike smokers who tend to drift in and out of their habit.
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