If Youre Not Vegetarian Dont Apply For This Life Insurance
Summary
An innovative new insurance product has been marketed by Animal Friends Insurance. 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 medical conditions. It remains to be seen whether other insurance organisations will follow the lead set by Animal Friends Insurance .
A no-profit insurance business has marketed an insurance plan which offers egg eaters and vegetarians a reduced price life insurance.
The deal, believed to be the 1st of its kind, is being pioneered by Animal Friends Insurance (AFI). The business is offering veggies a 7% cheaper premiumon cheap life cover premiums
The organisation said that veggies ought to pay a lesser sum for the insurance, which pays out if the client were to die, because they were more unlikely to suffer from a list of critical illnesses, including cancers.
Sheils Hatline, AFI’s managing director, said that the danger of veggies being diagnosed with certain cancers is reduced by up to 42 per cent and the risk of them suffering from heart disease is reduced by up to 32%, but despite this they have, until now, had to pay identical life premiums as people who eat meat.
She says that AFI believe that this is patently unfair and says the life insurance industry should acknowledge the fact that being a vegetarian can make have a significant effect on life expectancy and lower its premiums accordingly.
A standard arrangement is also on the market for non-vegetarians. Both policies are sold by LV=, which prior, was known as Liverpool Victoria.
In common with standard life insurance policies, a range of aspect contribute to the cost of the premium including whether the applicant smokes, their age, sex and weight.
Currently at the moment, AFI is carrying the six per cent price reduction itself from the fee it receives from LV=. In the future, however, the company’s aim was to offer lower premiums on specialist plans. In offering the price reduction the firm is hoping to sign up enough veggies to make it economically viable for LV= to underwrite another insurance plan that takes the veggie diet into account.
Indeed there are worthwhile savings to be made, a 38 year oldnon-smoker purchasing £300,000 worth of life insurance might potentially save £393.60 over a twenty five year term.
Where life insurance quotes is concerned, AFI believes that life insurers should start to treat people that eat meat and non-meat eaters in a way that is similar to the way they view those that don’t smoke and those that do. Hopefully others in the insurance industry will do the same.
Some peoplein the insurance industry do not believe there is proof that vegetarians live longer, and how any insurer would know that applicants who had certified that they were veggies did not eat the odd spare rib.
When it comes to smoking, the insurance company can refer to your GP’s patient records – if you do smoke it’s probable that your GP would know. However, this is unlikely to apply when it comes to eating meat, an insurance executive observed.
But many veggies argue 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 regress to meat-eating, that’s unlike those that smoke who tend to drift out and back again into their old smoking ways.
This entry was posted on Tuesday, December 22nd, 2009 at 6:48 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.