Life Policies Especially For Vegetarians

Summary
An interesting new product has been introduced by Animal Friends Insurance (AFI). The new insurance plan offers cheaper premiums to vegetarians, based on evidence that they are at a lesser risk than their meat-eating counterparts of developing certain illnesses. It remains to be seen whether other insurance organisations will follow the new policy marketed by Animal Friends Insurance . A not-for-profit insurance business has launched an insurance scheme which offers egg eaters and vegetarians a reduced premium life cover . The deal, believed to be the 1st of its type, is being brought to the market by Animal Friends Insurance (AFI). The business is offering veggies a 6 per cent lower priceon life insurance cover premiums
The business claimed that vegetarians ought to pay a lesser cost for the insurance, which pays out if the policyholder dies, because they were more unlikely to suffer from a list of critical illnesses, including cancers. Rebecca Puttey, the managing director of AFI, claims that the danger of veggies being diagnosed with certain cancers is reduced by up to 40 per cent and the risk of them suffering from heart disease is reduced by up to 30 per cent, but despite this they have, until now, had to pay broadly identical insurance costs as people who eat meat.
She says that AFI believe that this is not fair and says the life industry should acknowledge the fact that being a vegetarian can impose a positive impact on life expectancy and lower its monthly premiums accordingly. A standard priced arrangement is also on the market for meat eaters. Both insurance policies are sold by LV=, which used to be known as Liverpool Victoria. In common with standard life cover, a range of factors contribute to the cost of the premium including whether the applicant smokes, their weight, age and sex. Just at the moment, Animal Friends Insurance is funding the 6 per cent price reduction itself from the commission it receives from LV=. In the future, however, the firm’s objective was to offer lower costs on specialist plans. In offering the price reduction the business is hoping to sign up enough vegetarians to make it viable for LV= to underwrite another plan that takes the veggie diet into account. Indeed there are big savings to be had, a 38 year oldnon-smoker purchasing £300,000 worth of cover might potentially save £393.60 over a 25-year period. Where critical illness is concerned, AFI believes that insurers should try to treat people that eat meat and those that do not eat meat in a way that is similar to the way they view those that smoke and those that don’t. Perhaps other companies in the insurance industry will take the same initiative. It is thought that some executivesin the insurance industry are doubtful whether there is verifyable proof that veggies live longer, and how any life insuranec company would know that people 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 do smoke it’s possible that your GP is likely to be aware. However, this is unlikely to apply when it comes to eating meat, an an insurance industry spokesperson observed. But many veggetarians say that they are not concerned about people falling off the veggie wagon and suggested that once a veggie has become a veggie, they don’t go back to meat-eating, unlike those that smoke who tend to drift out and back again into their old smoking ways.

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