Ireferny

Summary
An innovative new insurance plan has been introduced by Animal Friends Insurance. The new insurance plan offers cheap premiums to vegetarians, based on evidence that they are at a reduced risk than their meat-eating counterparts of developing certain health conditions. It remains to be seen whether other insurers will follow the new policy marketed by Animal Friends Insurance .

A none profit insurance firm has launched an insurance scheme which offers egg eaters and vegetarians a reduced cost life insurance cover.

The deal, thought to be the 1st of its kind, is being introduced by Animal Friends Insurance (AFI). The firm is offering veggies a seven per cent price reductionon life cover premiums
The firm said that vegetarians ought to pay a lesser sum for the cover, which pays out if the plan holder dies, because they were more unlikely to suffer from a range of very serious illnesses, including some cancers.

Elaine Fair, the managing director of AFI, said that the danger of vegetarians being diagnosed with certain cancers is shrunk by up to 40% and the risk of them suffering from heart disease is lowered by up to 32 per cent, but despite this they have, until now, had to pay broadly identical life premiums as policyholders who eat meat.
She says that AFI believe this is unfair and says the life insurance industry should recognise the concept that being a vegetarian can make have a big influence on life expectancy and cut its monthly charges accordingly.

A normal arrangement is also on the market for meat eaters. Both policies are brought to the market by LV=, which used to be known as Liverpool Victoria.

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

Just at the moment, AFI is carrying the 6% lower price itself from the fee it gets from LV=. In the future, however, the firm’s objective was to offer lower costs on specialist plans. In making the offer the business is hoping to sign up enough veggies to make it worthwhile for LV= to underwrite another policy that takes the vegetarian’s diet into account.

Indeed there are worthwhile savings to be made, a 40-year-oldnon-smoker buying £300,000 worth of insurance cover might potentially save £393.60 over a 25-year period.

Where online life insurance is concerned, AFI believes that life insurance companies should start to treat those that like meat and people that don’t eat meat in approaches matching the way they assess those that don’t smoke and those that do. Perhaps others in the insurance industry will take the same initiative.

Some managersin the insurance industry are dismissive that there is any proof that veggies live longer, and how any life insurer could prove that applicants who had certified that they are vegetarian did not eat the odd spare rib.

When it comes to smoking, it’s true that there are your Doctor’s records – if you do smoke it’s possible that your Doctor is likely to know about it. But this isn’t the case when it comes to eating meat, an insurance executive said.

But many veggetarians say that they are not concerned about people falling off the veggie ways and suggested that once a vegetarian has become a veggie, they don’t go back to meat-eating, that’s unlike smokers who tend to drift out and back again into their old smoking ways.

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