Life Policies Especially For Vegetarians
Summary
An innovative new insurance policy has been introduced by Animal Friends Insurance. The life insurance policy offers cheaper premiums to vegetarians, based on evidence that they are at a lower risk than their carnivorous counterparts of developing certain health conditions. It remains to be seen whether other insurance organisations will follow the lead set by Animal Friends Insurance .
A none profit insurance firm has marketed an insurance scheme which offers egg eaters and vegetarians a reduced premium mortgage insurance .
The offer, thought to be the first of its type, is being pioneered by Animal Friends Insurance (AFI). The company is offering vegetarians a 7% cheaper premiumon life insurance premiums
The business claimed that vegetarians ought to pay less for the insurance, which pays out if the person dies, because they were more unlikely to suffer from a list of critical illnesses, including cancers.
Amanda Jude, the managing director of AFI, said that the risk of veggies being diagnosed with certain cancers is shrunk by up to 42% and the danger of them suffering from heart disease is reduced by up to 32 per cent, but despite this they have, until now, had to pay broadly identical life premiums as customers who eat meat.
She says that Animal Friends Insurance believe this is unfair and says the life industry should acknowledge the idea that being a veggie can create a positive impact on life expectancy and lower its charges accordingly.
A standard price plan is also on the market for non-vegetarians. Both insurance plans are sold by LV=, which prior, was known as Liverpool Victoria.
In common with standard life cover, a range of aspect contribute to the cost of the plans including whether the applicant smokes, their age, weight and sex.
Currently, Animal Friends Insurance is making the six per cent lower price itself from the payment it receives from LV=. In the future, however, the company’s aim was to offer lower costs on specialist plans. In the firm is hoping to sign up enough veggies to make it economically worthwhile for LV= to underwrite yet another insurance policy that takes the veggie diet into account.
Indeed there are big savings to be had, a 42-year-oldnon-smoker wanting £300,000 worth of life cover might potentially save £393.60 over a twenty year term.
Where online life insurance is concerned, AFI believes that life insurers should try to treat people that eat meat and non-meat eaters in approaches matching the way they assess non-smokers and smokers. Hopefully others in the insurance industry will follow the initiative.
Some peoplein the insurance industry are dismissive that there is robust proof that vegetarians live longer, and how any life insurer could prove that those who had certified that they are 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 certainly likely that your Doctor will know. But this does not apply when it comes to eating meat, an insurance executive observed.
But many veggies argue that they are not concerned about people falling off the veggie wagon and suggested that once a vegetarian has become a veggie, they do not regress to meat-eating, that is unlike people who smoke who tend to drift out and back again into their old smoking ways.
This entry was posted on Sunday, December 27th, 2009 at 1:50 pm 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.