Summary
An innovative new insurance product has been introduced by Animal Friends Insurance. The new policy offers discounted premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivore counterparts of developing certain medical conditions. It remains to be seen whether other insurance firms will follow the policy introduced by AFI .

A not for profit insurance firm has marketed an insurance policy which offers vegetarians and fish-eaters a reduced premium life insurance.

The offer, thought to be the first of its kind, is being brought to the market by Animal Friends Insurance (AFI). The organisation is offering veggies a 7% price reductionon life assurance premiums
The organisation claimed that vegetarians ought to pay a lower amount for the insurance cover, which pays out if the policyholder were to die, because they were less likely to suffer from a selection of serious conditions, including some cancers.

Amanda Jude, A senior director at Animal Friends Insurance, said that the danger of vegetarians being diagnosed with certain cancers is reduced by up to 40% and the risk of them suffering from heart disease is lowered by up to 30%, but despite this they have, until now, had to pay identical life insurance premiums as people who eat meat.
She says that AFI think that this is unfair and says the insurers should recognise the concept that being a vegetarian can impose have a positive influence on life expectancy and reduce its charges accordingly.

A standard arrangement is also on the market for meat eaters. Both insurance plans are marketed by LV=, which used to be known as Liverpool Victoria.

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

Currently, Animal Friends Insurance is making the 6 per cent cheaper premium itself from the fee it receives from LV=. In the future, however, the business’s objective was to offer lower costs on specialist insurance plans. In the firm is hoping to sign up enough veggies to make it economically worthwhile for LV= to underwrite yet another plan that takes the vegetarian’s diet into account.

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

Where serious illness insurance is concerned, AFI thinks that insurance companies should try to treat people that eat meat and people that don’t eat meat in approaches matching the way they view those that smoke and those that don’t. Perhaps other companies in the insurance industry will follow the initiative.

Some senior executivesin the insurance industry do not believe there is proof that vegetarians live longer, and how any insurer would know that those who had stated that they were 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 do smoke it’s certainly likely that your Doctor is likely to know about it. 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 veggie, they do not return to meat-eating, that is unlike people who smoke who tend to drift out and back again into their habit.

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Filed under: Every Day Life

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