If Youre Not Vegetarian Dont Apply For This Life Insurance
Summary
An interesting new insurance product has been launched by Animal Friends Insurance. The life insurance policy offers cheap premiums to vegetarians, based on evidence that they are at a lesser risk than their meat-eating counterparts of developing certain health conditions. It remains to be seen whether other insurance firms will follow the example set by AFI .
A not for profit insurance firm has marketed a scheme which offers fish-eaters and vegetarians a reduced price cheap life cover .
The offer, believed to be the first of its kind, is being introduced by Animal Friends Insurance (AFI). The firm is offering non-meat eaters a 6 per cent price reductionon life cover premiums
The business claimed that veggies ought to pay a lower amount for the cover, which pays out if the plan holder dies, because they were less likely to suffer from a list of critical illnesses, including some cancers.
Rebecca Puttey, A senior director at Animal Friends Insurance, claims that the risk of veggies being diagnosed with certain cancers is reduced by up to 40 per cent and the risk of them suffering from heart disease is cut by up to 30 per cent, but despite this they have, until now, had to pay identical premiums as people who eat meat.
She says that AFI think that this is not fair and says the insurance companies should recognise the fact that being a vegetarian can impose have a significant effect on life expectancy and cut its monthly premiums accordingly.
A standard priced arrangement is also on the market for meat eaters. Both insurance policies are sold by LV=, which prior, was known as Liverpool Victoria.
In common with normal life plans, a range of things contribute to the cost of the premiums including whether the applicant smokes, their sex, weight and age.
Just at the moment, AFI is making the seven per cent cheaper premium itself from the payment it gets from LV=. In the future, however, the firm’s objective was to offer lower premiums on specialist plans. In offering the price reduction the organisation is hoping to sign up enough veggies to make it cost effective for LV= to underwrite another policy that takes the veggie diet into account.
Indeed there are big savings to be had, a 38 year oldnon-smoker purchasing £300,000 worth of insurance cover might potentially save £393.60 over a 25-year period.
Where critical illness is concerned, AFI believes that insurance companies should start to treat those that like meat and people that don’t eat meat in ways that are similar to the way they approach smokers and non-smokers. Hopefully others in the insurance industry will take the same initiative.
Some senior executivesin the insurance industry are dismissive that there is any proof that vegetarians live longer, and how any life insurer would know that people who had applied stating that they were vegetarian did not enjoy the occasional Big Mac.
When it comes to smoking, it’s true that there are your Doctor’s records – if you now don’t smoke it’s certainly likely that your Doctor is likely to know. But this isn’t the case when it comes to eating meat, an said a spokesperson from the insurance industry.
But many veggetarians say that they are not worried about people falling off the vegetarian wagon and suggested that once a vegetarian has become a vegetarian, they don’t go back to meat-eating, that’s unlike people who smoke who tend to drift out and back again into their habit.
This entry was posted on Saturday, December 26th, 2009 at 4:47 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.