Written by Summary
An interesting new product has been developed by Animal Friends Insurance. The new insurance plan offers cheaper premiums to vegetarians, based on evidence that they are at a lower risk than their carnivorous counterparts of developing certain health conditions. 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 marketed an insurance scheme which offers egg eaters and vegetarians a reduced cost life insurance quote .
The deal, thought to be the 1st of its kind, is being brought to the market by Animal Friends Insurance (AFI). The firm is offering non-meat eaters a six per cent cheaper premiumon cheap life cover premiums
The business claimed that veggies ought to pay a lesser sum for the insurance, which pays out if the plan holder dies, because they were more unlikely to suffer from a list of chronic illnesses, including some cancers.
Sheils Hatline, AFI’s senior director, claims that the risk of vegetarians being diagnosed with certain cancers is shrunk by up to 42% 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 insurance costs as clients who eat meat.
She says that Animal Friends Insurance believe this is unfair and says the insurance companies should acknowledge the fact that being a veggie can impose have a significant effect on life expectancy and cut its monthly charges accordingly.
A standard priced arrangement is also on the market for non-vegetarians. Both insurance plans are underwritten by LV=, which prior, was known as Liverpool Victoria.
In common with normal life policies, a range of things contribute to the cost of the plans including whether the applicant smokes, their age, sex and weight.
At the moment, Animal Friends Insurance is making the 6 per cent lower price itself from the fee it receives from LV=. In the future, however, the firm’s aim was to offer lower costs on specialist plans. In making the discount the firm is hoping to sign up enough vegetarians to make it viable for LV= to underwrite yet another insurance plan that takes the vegetarian’s diet into account.
Indeed there are huge savings to be had, a forty two year oldnon-smoker purchasing £300,000 worth of insurance cover might potentially save £393.60 over a 20-year term.
Where life insurance is concerned, AFI believes that life insurance companies should begin to treat those that eat meat and non-meat eaters in approaches matching the way they approach those that smoke and those that don’t. Hopefully others in the insurance industry will follow the initiative.
Some managersin the insurance industry doubt whether there is verifyable proof that vegetarians live longer, and how any life insurer would know that applicants who had applied stating that they are veggies did not sometimes enjoy the odd lamb chop.
When it comes to smoking, it’s true that there are your Doctor’s records – if you now don’t smoke it’s likely that your GP will know about it. However, this is not the case when it comes to eating meat, an insurance executive observed.
But some veggies contend that they are not concerned about people falling off the vegetarian ways and suggested that once a vegetarian has become a veggie, they do not regress to meat-eating, unlike applicants who smoke who tend to drift out and back again into their old smoking ways.
