Veggies Take Life Insurance carrot
Summary
An innovative new product has been launched by Animal Friends Insurance. The life insurance policy offers lower premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivore counterparts of developing certain illnesses. It remains to be seen whether other insurance firms will follow the lead set by Animal Friends Insurance .
A none profit insurance firm has introducd an insurance policy which offers vegetarians and fish-eaters a reduced price cheapest life cover .
The offer, believed to be the 1st of its kind, is being pioneered by Animal Friends Insurance (AFI). The company is offering non-meat eaters a seven per cent lower priceon life insurance cover premiums
The firm claimed that veggies ought to pay a lower amount for the insurance, which pays out if the customer were to die, because they were more unlikely to suffer from a list of chronic illnesses, including some cancers.
Sheils Hatline, A senior director at Animal Friends Insurance, claims that the danger of veggies being diagnosed with certain cancers is reduced by up to 40 per cent and the possibility of them suffering from heart disease is lowered by up to thirty two per cent, but despite this they have, until now, had to pay broadly the same life premiums as people who eat meat.
She says that Animal Friends Insurance believe that this is patently unfair and says the insurers should acknowledge the fact that being a veggie can impose have a significant effect on life expectancy and cut its charges accordingly.
A standard price plan is also on the market for non-vegetarians. Both insurance policies are marketed by LV=, which was previously known as Liverpool Victoria.
In common with normal life plans, a range of factors contribute to the cost of the plans including whether the applicant smokes, their weight, age and sex.
Just at the moment, AFI is funding the seven per cent discount itself from the fee it receives from LV=. In the future, however, the company’s objective was to offer lower premiums 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 vegetarian’s diet into account.
Indeed there are significant savings to be made, a forty-year-oldnon-smoker purchasing £300,000 worth of cover might potentially save £393.60 over a 25-year period.
Where online life insurance is concerned, AFI thinks that insurers should start to treat those that like meat and non-meat eaters in a way that is similar to the way they view those that smoke and those that don’t. Perhaps others in the insurance industry will follow the initiative.
Some managersin the insurance industry do not believe there is verifyable proof that vegetarians live longer, and how any life insurer could prove that people who had certified that they are vegetarian 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 is likely to know about it. But this does not apply when it comes to eating meat, an an insurance industry spokesperson observed.
But many veggies argue that they are not concerned about people falling off the vegetarian way of eating and suggested that once a vegetarian has become a veggie, they do not return to meat-eating, unlike those that smoke who tend to drift out and back again into their habit.
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