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None Vegetarian Need Not Apply For This Life Insurance

December 15, 2009

Summary
An innovative new insurance policy has been marketed by Animal Friends Insurance (AFI). The insurance plan offers lower 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 insurance firms will follow AFI’s lead .

A no-profit insurance business has launched an insurance plan which offers fish-eaters and vegetarians a reduced cost cheap life cover .

The offer, thought to be the first of its type, is being brought to the market by Animal Friends Insurance (AFI). The business is offering non-meat eaters a seven per cent cheaper premiumon mortgage cover premiums
The business claimed that vegetarians ought to pay a lesser sum for the cover, which pays out if the person dies, because they were less likely to suffer from a range of chronic diseases, including some cancers.

Susan Gaddet, the managing director of AFI, said that the danger of vegetarians being diagnosed with certain cancers is lowered by up to forty two per cent and the risk of them suffering from heart disease is cut by up to 32%, but despite this they have, until now, had to pay broadly identical life insurance premiums as policyholders who eat meat.
She says that Animal Friends Insurance think that this is patently unfair and says the insurance companies should acknowledge the concept that being a vegetarian can make have a big influence on life expectancy and reduce its premiums accordingly.

A full-price plan is also on the market for meat eaters. Both policies are underwritten by LV=, which was previously known as Liverpool Victoria.

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

At the moment, AFI is making the 6% price reduction itself from the cash it earns from from LV=. In the future, however, the firm’s objective was to offer lower costs on specialist policies. In making the discount the company is hoping to sign up enough veggies to make it worthwhile for LV= to underwrite yet another insurance plan that takes the veggie diet into account.

Indeed there are significant savings to be made, a thirty eight year oldnon-smoker buying £300,000 worth of life cover might potentially save £393.60 over a twenty five year term.

Where critical illness is concerned, AFI thinks that life insurance companies should begin to treat those that eat meat and those that do not eat meat in approaches matching the way they assess non-smokers and smokers. It is to be hoped that other companies in the insurance industry will take the same initiative.

Some senior executivesin the insurance industry are doubtful whether there is any proof that veggies live longer, and how any life insurer would know that those who had applied stating that they were veggies 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 do smoke it’s possible that your Doctor will know about it. But this won’t 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 vegetarian, they do not go back to meat-eating, that’s unlike people who smoke who tend to drift out and back again into their old smoking ways.

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