None Vegetarian Need Not Apply For This Life Insurance

Posted by Editor

November 14, 2009

Summary
An innovative new insurance policy has been developed by Animal Friends Insurance. The new insurance plan offers cheap premiums to vegetarians, based on evidence that they are at a lesser risk than their carnivorous counterparts of developing certain diseases. It remains to be seen whether other insurance organisations will follow the example set by AFI .

A not for profit insurance firm has marketed an insurance scheme which offers vegetarians and egg eaters a reduced cost life insurance quote .

The offer, considered to be the first of its type, is being introduced by Animal Friends Insurance (AFI). The firm is offering non-meat eaters a 6% lower priceon life cover premiums
The business said that vegetarians ought to pay less for the insurance, which pays out if the plan holder dies, because they were more unlikely to suffer from a range of very serious illnesses, including cancers.

Sheils Hatline, the managing director of AFI, said that the risk of vegetarians being diagnosed with certain cancers is lowered by up to 40 per cent and the danger of them suffering from heart disease is reduced by up to 32%, but despite this they have, until now, had to pay broadly identical life premiums as customers who eat meat.
She says that AFI believe this is not fair and says the life industry should recognise the idea that being a vegetarian can make have a positive influence on life expectancy and reduce its monthly premiums accordingly.

A standard arrangement is also on the market for non-vegetarians. Both policies are marketed by LV=, which was known as Liverpool Victoria.

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

Just at the moment, Animal Friends Insurance is making the 6 per cent price reduction itself from the commission it gets from LV=. In the future, however, the company’s objective was to offer lower premiums on specialist insurance plans. In making the discount the business is hoping to sign up enough veggies to make it viable for LV= to underwrite yet another policy that takes the vegetarian’s diet into account.

Indeed there are significant savings to be had, a thirty eight year oldnon-smoker buying £300,000 worth of life insurance might potentially save £393.60 over a 25-year term.

Where online life insurance is concerned, AFI considers that insurers should try to treat meat eaters and people that don’t eat meat in a way that is similar to the way they approach non-smokers and smokers. Perhaps others in the insurance industry will do something similar.

Some senior executivesin the insurance industry are dismissive that there is verifyable proof that veggies live longer, and how any life insuranec company could prove that those who had stated that they were vegetarian did not eat the odd spare rib.

When it comes to smoking, the insurance company can refer to your Doctor’s records - if you now don’t smoke it's certainly likely that your GP will be aware. However, this is not the case when it comes to eating meat, an insurance executive observed.

But many veggetarians say that they are not worried about people falling off the veggie ways and suggested that once a vegetarian has become a veggie, they do not regress to meat-eating, unlike those that smoke who tend to drift out and back again into their habit.

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