Summary
An interesting new product has been launched by Animal Friends Insurance (AFI). The new insurance plan offers lower premiums to vegetarians, based on evidence that they are at a lower risk than their meat-eating counterparts of developing certain illnesses. It remains to be seen whether other insurance organisations will follow the new policy marketed by Animal Friends Insurance .
A not for profit insurance firm has marketed an insurance policy which offers vegetarians and fish-eaters a reduced cost cheap life cover .
The deal, thought to be the 1st of its kind, is being introduced by Animal Friends Insurance (AFI). The company is offering vegetarians a 7% reduction in priceon life insurance premiums
The business claimed that veggies ought to pay a lesser sum for the product, which pays out if the policyholder dies, because they were more unlikely to suffer from a selection of serious conditions, including some cancers.
Rebecca Puttey, AFI’s managing director, said 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 reduced by up to 30 per cent, but despite this they have, until now, had to pay broadly the same premiums as people who eat meat.
She says that AFI think that this is not fair and says the insurance companies should acknowledge the concept that being a veggie can make have a big influence on life expectancy and lower its monthly premiums accordingly.
A standard price plan is also on the market for non-vegetarians. Both insurance plans are underwritten by LV=, which used to be known as Liverpool Victoria.
In common with normal life insurance policies, a range of factors contribute to the cost of the policies including whether the applicant smokes, their sex, weight and age.
Currently at the moment, AFI is funding the seven per cent cheaper premium itself from the commission it gets 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 another insurance policy that takes the veggie diet into account.
Indeed there are welcome savings to be had, a 42-year-oldnon-smoker buying £300,000 worth of cover might potentially save £393.60 over a 25-year term.
Where online life insurance is concerned, AFI considers that insurance companies should start to treat those that eat meat and non-meat eaters in a way that is similar to the way they view non-smokers and smokers. It is to be hoped that other companies in the insurance industry will follow the initiative.
Some senior executivesin the insurance industry are dismissive that there is any proof that vegetarians live longer, and how any life insurer would know that people who had applied stating that they are veggies did not savour the occasional rump steak.
It’s true that when it comes to smoking there are GP records – if you now don’t smoke it’s probable that your GP is likely to be aware. But this won’t apply when it comes to eating meat, an insurance executive said.
But some veggies contend that they are not concerned about people falling off the veggie wagon and suggested that once a veggie has become a veggie, they do not go back to meat-eating, unlike people who smoke who tend to drift in and out of their habit.
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