SummaryAn innovative new insurance plan has been launched by Animal Friends Insurance. The new policy offers cheaper premiums to vegetarians, based on evidence that they are at a lesser risk than their meat-eating counterparts of developing certain illnesses. It remains to be seen whether other insurance organisations will follow the example set by AFI [...]
Summary
An innovative new insurance plan has been launched by Animal Friends Insurance. The new policy offers cheaper premiums to vegetarians, based on evidence that they are at a lesser risk than their meat-eating counterparts of developing certain illnesses. It remains to be seen whether other insurance organisations will follow the example set by AFI .
A not for profit insurance firm has introducd an insurance policy which offers egg eaters and vegetarians a reduced cost mortgage insurance .
The deal, believed to be the 1st of its type, is being marketed by Animal Friends Insurance (AFI). The firm is offering veggies a seven per cent reduction in priceon mortgage cover premiums
The firm said that veggies ought to pay a lesser sum for the insurance cover, which pays out if the person dies, because they were less likely to suffer from a range of very serious illnesses, including cancers.
Elaine Fair, AFI’s managing director, said that the risk of vegetarians being diagnosed with certain cancers is lowered by up to forty two per cent and the possibility of them suffering from heart disease is lowered by up to 32%, but despite this they have, until now, had to pay identical life insurance premiums as customers who eat meat.
She says that Animal Friends Insurance think that this is not fair and says the insurers should acknowledge the concept that being a vegetarian can make have a significant effect on life expectancy and lower its monthly charges accordingly.
A full-price plan is also on the market for meat eaters. Both insurance plans are underwritten by LV=, which was previously known as Liverpool Victoria.
In common with normal life cover, a range of aspect contribute to the cost of the policies including whether the applicant smokes, their sex, weight and age.
Currently at the moment, AFI is carrying the six per cent cheaper premium itself from the money it gets from LV=. In the future, however, the business’s objective was to offer lower costs on specialist policies. In making the discount the company is hoping to sign up enough vegetarians to make it worthwhile for LV= to underwrite yet another policy that takes the veggie diet into account.
Indeed there are welcome savings to be had, a 38 year oldnon-smoker buying £300,000 worth of life insurance cover might potentially save £393.60 over a 20-year term.
Where critical illness insurance is concerned, AFI believes that life insurers should start to treat those that like meat and those that do not eat meat in approaches matching the way they view non-smokers and smokers. Perhaps others in the insurance industry will take the same initiative.
Some managersin the insurance industry do not believe there is verifyable proof that vegetarians live longer, and how any insurer would know that those who had stated that they were veggies did not sometimes enjoy the odd lamb chop.
It’s true that when it comes to smoking there are GP records - if you do smoke it’s certainly likely that your GP is likely to know. However, this is unlikely to apply 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 veggie ways and suggested that once a vegetarian has become a vegetarian, they do not go back to meat-eating, that’s unlike people who smoke who tend to drift out and back again into their habit.
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