My Mega Blog

Summary
An interesting new insurance product has been marketed by Animal Friends Insurance (AFI). The new policy offers cheap premiums to vegetarians, based on evidence that they are at a reduced risk than their carnivore counterparts of developing certain diseases. It remains to be seen whether other insurance organisations will follow the lead set by Animal Friends Insurance .

A no-profit insurance business has introducd a scheme which offers vegetarians and fish-eaters a reduced premium life insurance quote .

The offer, considered to be the 1st of its type, is being brought to the market by Animal Friends Insurance (AFI). The business is offering veggies a six per cent cheaper premiumon cheap life cover premiums
The company claimed that veggies ought to pay a lower amount for the product, which pays out if the client were to die, because they were less likely to suffer from a selection of serious conditions, including cancers.

Rebecca Puttey, the managing director of AFI, claims that the risk of vegetarians being diagnosed with certain cancers is shrunk by up to forty per cent and the risk of them suffering from heart disease is cut by up to thirty two per cent, but despite this they have, until now, had to pay broadly identical insurance premiums as policyholders who eat meat.
She says that AFI believe that this is unfair and says the life organisations should recognise the idea that being a veggie can make have a positive influence on life expectancy and lower its monthly premiums accordingly.

A standard price policy is also on the market for non-vegetarians. Both insurance plans are brought to the market by LV=, which used to be known as Liverpool Victoria.

In common with standard life cover, 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, Animal Friends Insurance is making the 6% lower price itself from the money it earns from from LV=. In the future, however, the company’s objective was to offer lower premiums on specialist insurance plans. In making the offer the company is hoping to sign up enough vegetarians to make it worthwhile for LV= to underwrite another insurance plan that takes the vegetarian’s diet into account.

Indeed there are significant savings to be made, a forty two year oldnon-smoker wanting £300,000 worth of life insurance cover might potentially save £393.60 over a twenty year term.

Where online life insurance is concerned, AFI thinks that life insurance companies should start 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 others in the insurance industry will do something similar.

Some senior executivesin the insurance industry doubt whether there is robust proof that veggies live longer, and how any life insuranec company could prove that applicants who had applied stating that they were vegetarian did not enjoy the occasional Big Mac.

When it comes to smoking, the insurance company can refer to your GP’s patient records – if you now don’t smoke it’s certainly likely that your Doctor would know. However, this is not the case when it comes to eating meat, an an insurance industry spokesperson observed.

But some veggies contend that they are not worried about people falling off the veggie ways and suggested that once a vegetarian has become a vegetarian, they don’t regress to meat-eating, unlike smokers who tend to drift out and back again into their habit.