If Youre Not Vegetarian Dont Apply For This Life Insurance

Summary
An interesting new insurance policy has been marketed by Animal Friends Insurance (AFI). The new policy offers lower premiums to vegetarians, based on evidence that they are at a lower risk than their meat-eating counterparts of developing certain medical conditions. It remains to be seen whether other insurers will follow the example set by AFI .

A not for profit insurance firm has launched an insurance scheme which offers vegetarians and egg eaters a reduced price life insurance.

The offer, thought to be the first of its type, is being introduced by Animal Friends Insurance (AFI). The organisation is offering non-meat eaters a 6 per cent reduction in priceon life insurance cover premiums
The business claimed that veggies ought to pay a lesser cost for the insurance, which pays out if the plan holder were to die, because they were more unlikely to suffer from a list of chronic illnesses, including cancers.

Susan Gaddet, AFI’s managing director, claims that the risk of veggies being diagnosed with certain cancers is lowered by up to 40 per cent and the risk of them suffering from heart disease is lowered by up to 30 per cent, but despite this they have, until now, had to pay broadly identical insurance premiums as policyholders who eat meat.
She says that AFI think that this is unfair and says the life insurance industry should acknowledge the concept that being a vegetarian can impose a positive impact on life expectancy and reduce its charges accordingly.

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

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

Just at the moment, AFI is making the seven per cent reduction in price itself from the payment it gets from LV=. In the future, however, the firm’s aim was to offer lower premiums on specialist insurance plans. In offering the price reduction the company is hoping to sign up enough veggies to make it worthwhile for LV= to underwrite yet another insurance policy that takes the vegetarian’s diet into account.

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

Where critical illness is concerned, AFI believes that insurers should try to treat people that eat meat and people that don’t eat meat in approaches matching the way they approach those that smoke and those that don’t. Perhaps other companies in the insurance industry will do the same.

It is thought that some executivesin the insurance industry are doubtful whether there is proof that vegetarians live longer, and how any insurance company could prove that people who had certified that they are veggies did not savour the occasional rump steak.

When it comes to smoking, it’s true that there are your Doctor’s records – if you do smoke it’s likely that your GP is likely to know. But this does not apply when it comes to eating meat, an said a spokesperson from the insurance industry.

But many veggies argue that they are not worried about people falling off the vegetarian way of eating and suggested that once a veggie has become a vegetarian, they do not return to meat-eating, that is unlike smokers who tend to drift out and back again into their old smoking ways.

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