Life Policies Especially For Vegetarians
Summary
An interesting new insurance plan has been developed by Animal Friends Insurance. The life insurance policy offers cheap 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 no-profit insurance business has introducd a scheme which offers fish-eaters and vegetarians a reduced premium cheapest life cover .
The offer, thought to be the first of its type, is being introduced by Animal Friends Insurance (AFI). The business is offering non-meat eaters a 6 per cent cheaper premiumon mortgage protection premiums
The organisation claimed that vegetarians ought to pay a lower amount for the insurance, which pays out if the plan holder were to die, because they were more unlikely to suffer from a range of chronic diseases, including cancers.
Susan Gaddet, AFI’s senior director, claims that the danger of veggies being diagnosed with certain cancers is reduced by up to forty two per cent and the danger of them suffering from heart disease is lowered by up to thirty two per cent, but despite this they have, until now, had to pay the same premiums as policyholders who eat meat.
She says that AFI think that this is unfair and says the insurance companies should recognise the concept that being a veggie can make a very positive impact on life expectancy and reduce its monthly charges accordingly.
A full-price policy is also on the market for meat eaters. Both policies are marketed by LV=, which was known as Liverpool Victoria.
In common with normal life insurance policies, a range of factors contribute to the cost of the premiums including whether the applicant smokes, their age, sex and weight.
At the moment, AFI is carrying the 6 per cent discount itself from the money it earns from from LV=. In the future, however, the firm’s objective was to offer lower costs on specialist plans. In offering the deal the organisation is hoping to sign up enough veggies to make it economically worthwhile for LV= to underwrite yet another policy that takes the veggie diet into account.
Indeed there are big savings to be had, a forty-year-oldnon-smoker buying £300,000 worth of cover might potentially save £393.60 over a 20-year period.
Where online life insurance is concerned, AFI believes that insurers should begin to treat those that eat meat and people that don’t eat meat in a way that is similar to the way they assess those that don’t smoke and those that do. It is to be hoped that other companies in the insurance industry will take the same initiative.
Some peoplein the insurance industry do not believe there is proof that vegetarians live longer, and how any insurer would know that people who had applied stating that they are veggies did not sometimes enjoy the odd lamb chop.
When it comes to smoking, the insurance company can refer to your GP’s patient records – if you do smoke it’s possible that your Doctor will 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 concerned about people falling off the veggie way of eating and suggested that once a vegetarian has become a veggie, they don’t return to meat-eating, that is unlike applicants who smoke who tend to drift out and back again into their habit.
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