Summary
An interesting new insurance product has been developed by Animal Friends Insurance (AFI). The new policy offers discounted premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivorous counterparts of developing certain illnesses. It remains to be seen whether other insurance firms will follow the example set by AFI .

A not-for-profit insurance business has marketed an insurance scheme which offers egg eaters and vegetarians a reduced premium cheapest life cover .

The offer, considered to be the 1st of its kind, is being introduced by Animal Friends Insurance (AFI). The organisation is offering vegetarians a six per cent price reductionon mortgage life insurance premiums
The business said that vegetarians ought to pay a lower amount for the insurance, which pays out if the client dies, because they were more unlikely to suffer from a list of chronic illnesses, including cancers.

Sheils Hatline, A senior director at Animal Friends Insurance, said that the danger of vegetarians being diagnosed with certain cancers is shrunk by up to 42 per cent and the danger of them suffering from heart disease is cut by up to 32%, but despite this they have, until now, had to pay identical insurance premiums as customers who eat meat.
She says that Animal Friends Insurance think that this is unfair and says the life industry should recognise the idea that being a vegetarian can impose have a big influence on life expectancy and reduce its monthly premiums accordingly.

A standard priced policy is also on the market for meat eaters. Both insurance policies are brought to the market by LV=, which used to be known as Liverpool Victoria.

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

Currently, AFI is carrying the seven per cent cheaper premium itself from the fee it receives from LV=. In the future, however, the business’s objective was to offer lower costs on specialist insurance plans. In ,offering the discount the business 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 significant savings to be had, a thirty eight year oldnon-smoker wanting £300,000 worth of life cover might potentially save £393.60 over a 25-year term.

Where cheap life insurance is concerned, AFI thinks that insurance companies should start to treat those that like meat and those that do not eat meat in approaches matching the way they approach those that don’t smoke and those that do. Perhaps others in the insurance industry will follow the initiative.

It is thought that some senior managersin the insurance industry are doubtful whether there is any proof that veggies live longer, and how any insurance company would know that people who had certified that they were vegetarian did not savour the occasional rump steak.

When it comes to smoking, the insurance company can refer to your Doctor’s records – if you now don’t smoke it’s probable that your Doctor will be aware. But this does not apply when it comes to eating meat, an said a spokesperson from the insurance industry.

But some veggies contend that they are not worried about people falling off the veggie ways and suggested that once a veggie has become a vegetarian, they don’t return to meat-eating, that is unlike people who smoke who tend to drift in and out of their habit.

Bookmark to: