Life Policies Especially For Vegetarians

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

A none profit insurance firm has marketed a scheme which offers fish-eaters and vegetarians a reduced price life insurance cover.

The offer, thought to be the 1st of its kind, is being brought to the market by Animal Friends Insurance (AFI). The firm is offering vegetarians a seven per cent reduction in priceon life cover premiums
The business said that vegetarians ought to pay a lesser sum for the product, which pays out if the policyholder were to die, because they were more unlikely to suffer from a selection of serious conditions, including cancers.

Susan Gaddet, A senior director at Animal Friends Insurance, 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 reduced by up to 32%, but despite this they have, until now, had to pay the same insurance costs as people who eat meat.
She says that AFI think that this is patently unfair and says the life insurance industry should recognise the concept that being a vegetarian can create a positive impact on life expectancy and cut its monthly charges accordingly.

A standard priced plan 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 plans, a range of things contribute to the cost of the plans including whether the applicant smokes, their age, weight and sex.

Just at the moment, AFI is making the 7% price reduction itself from the cash it earns from from LV=. In the future, however, the firm’s aim was to offer lower premiums on specialist cover. In the company is hoping to sign up enough vegetarians to make it economically viable for LV= to underwrite yet another plan that takes the vegetarian’s diet into account.

Indeed there are big savings to be made, a forty-year-oldnon-smoker wanting £300,000 worth of life insurance might potentially save £393.60 over a 20-year period.

Where critical illness insurance is concerned, AFI considers that insurers should begin to treat those that like meat and those that do not eat meat in a way that is similar to the way they approach those that don’t smoke and those that do. It is to be hoped that other companies in the insurance industry will follow the initiative.

Some senior executivesin the insurance industry do not believe there is verifyable proof that vegetarians live longer, and how any life insuranec company could prove that people who had certified that they are veggies 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 possible that your Doctor will be aware. But this won’t apply when it comes to eating meat, an an insurance industry spokesperson observed.

But some veggies contend that they are not worried about people falling off the vegetarian ways and suggested that once a veggie has become a vegetarian, they do not go back to meat-eating, that is unlike applicants who smoke who tend to drift out and back again into their old smoking ways.

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