None Vegetarian Need Not Apply For This Life Insurance

Summary
An interesting new insurance plan has been launched by Animal Friends Insurance. The new policy offers lower premiums to vegetarians, based on evidence that they are at a reduced risk than their meat-eating counterparts of developing certain diseases. It remains to be seen whether other insurance organisations will follow AFI’s lead .

A not-for-profit insurance business has launched an insurance policy which offers vegetarians and egg eaters a reduced premium cheap life cover .

The deal, considered to be the 1st of its type, is being marketed by Animal Friends Insurance (AFI). The business is offering non-meat eaters a seven per cent reduction in priceon life assurance premiums
The company claimed that vegetarians ought to pay a lower amount for the insurance, which pays out if the client were to die, because they were more unlikely to suffer from a list of chronic illnesses, including cancers.

Elaine Fair, the managing director of AFI, said that the risk of vegetarians being diagnosed with certain cancers is shrunk by up to forty two per cent and the possibility of them suffering from heart disease is cut by up to 30%, but despite this they have, until now, had to pay broadly identical insurance costs as clients who eat meat.
She says that AFI believe this is unfair and says the life industry should acknowledge the concept that being a veggie can impose have a big influence on life expectancy and lower its premiums accordingly.

A standard arrangement is also on the market for meat eaters. Both insurance policies are brought to the market by LV=, which was previously known as Liverpool Victoria.

In common with standard life cover, a range of aspect contribute to the cost of the policies including whether the applicant smokes, their age, weight and sex.

Currently at the moment, AFI is making the six per cent price reduction itself from the money it receives from LV=. In the future, however, the business’s aim was to offer lower premiums on specialist insurance plans. In making the offer the company is hoping to sign up enough vegetarians to make it cost effective for LV= to underwrite another policy that takes the vegetarian’s diet into account.

Indeed there are big savings to be had, a forty-year-oldnon-smoker buying £300,000 worth of insurance cover might potentially save £393.60 over a twenty five year period.

Where cheap life insurance is concerned, AFI believes that insurance companies should try to treat people that eat meat and non-meat eaters in approaches matching the way they approach smokers and non-smokers. Perhaps other companies in the insurance industry will take the same initiative.

Some senior executivesin the insurance industry doubt whether there is proof that veggies live longer, and how any life insurer would know that applicants who had applied stating that they are vegetarian did not sometimes enjoy the odd lamb chop.

It’s true that when it comes to smoking there are GP records – if you now don’t smoke it’s likely that your Doctor is likely to know. However, this is unlikely to apply when it comes to eating meat, an insurance executive said.

But some veggies contend that they are not concerned about people falling off the veggie wagon and suggested that once a vegetarian has become a veggie, they do not return to meat-eating, that’s unlike applicants who smoke who tend to drift out and back again into their habit.