Life Policies Especially For Vegetarians

Summary
An innovative new insurance policy has been marketed by Animal Friends Insurance. The insurance plan offers cheaper premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivorous 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 marketed an insurance plan which offers vegetarians and fish-eaters a reduced cost cheap critical illness insurance .

The offer, considered to be the 1st of its kind, is being brought to the market by Animal Friends Insurance (AFI). The business is offering non-meat eaters a six per cent discounton life cover premiums
The organisation said that veggies ought to pay less for the insurance, which pays out if the client were to die, because they were more unlikely to suffer from a list of critical illnesses, including some cancers.

Sheils Hatline, a director at AFI, said that the danger of vegetarians being diagnosed with certain cancers is lowered by up to 40 per cent and the possibility of them suffering from heart disease is cut by up to thirty per cent, but despite this they have, until now, had to pay broadly identical insurance costs as policyholders who eat meat.
She says that Animal Friends Insurance think that this is unfair and says the insurers should recognise the fact that being a veggie can create have a positive influence on life expectancy and reduce its monthly premiums accordingly.

A normal plan is also on the market for non-vegetarians. Both plans are marketed by LV=, which used to be known as Liverpool Victoria.

In common with normal life insurance policies, a range of things contribute to the cost of the plans including whether the applicant smokes, their weight, age and sex.

Just at the moment, AFI is making the 6 per cent cheaper premium itself from the commission it earns from from LV=. In the future, however, the business’s objective was to offer lower costs on specialist cover. In making the offer the business is hoping to sign up enough vegetarians to make it viable for LV= to underwrite yet another insurance policy that takes the veggie diet into account.

Indeed there are big savings to be made, a 38 year oldnon-smoker purchasing £300,000 worth of life insurance cover might potentially save £393.60 over a 25-year term.

Where serious illness insurance is concerned, AFI thinks that insurers should begin to treat meat eaters and people that don’t eat meat in a way that is similar to the way they approach those that smoke and those that don’t. Hopefully others in the insurance industry will take the same initiative.

It is thought that some executivesin the insurance industry are dismissive that there is verifyable proof that vegetarians live longer, and how any insurance company could prove that applicants who had stated that they are vegetarian did not enjoy the occasional Big Mac.

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 Doctor is likely to know. But this isn’t the case when it comes to eating meat, an insurance executive observed.

But many veggies argue that they are not concerned about people falling off the veggie wagon and suggested that once a veggie has become a vegetarian, they don’t go back to meat-eating, unlike those that smoke who tend to drift out and back again into their habit.