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Summary

An innovative new product has been launched by Animal Friends Insurance (AFI). The new policy offers lower 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 insurers will follow the new policy marketed by Animal Friends Insurance .

A not-for-profit insurance business has introducd an insurance plan which offers egg eaters and vegetarians a reduced premium life insurance premium .

The offer, thought to be the 1st of its kind, is being pioneered by Animal Friends Insurance (AFI). The business is offering non-meat eaters a seven per cent discounton life cover premiums
The organisation said that vegetarians ought to pay less for the insurance, which pays out if the customer dies, because they were more unlikely to suffer from a selection of serious conditions, including some cancers.

Elaine Fair, a director at AFI, claims that the risk of veggies being diagnosed with certain cancers is lowered by up to forty two per cent and the risk of them suffering from heart disease is cut by up to 32%, but despite this they have, until now, had to pay the same life premiums as policyholders who eat meat.
She says that Animal Friends Insurance believe that this is not fair and says the life insurance industry should recognise the fact that being a veggie can make have a positive influence on life expectancy and cut its monthly charges accordingly.

A full-price plan is also on the market for meat eaters. Both insurance policies are marketed by LV=, which prior, was known as Liverpool Victoria.

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

Just at the moment, AFI is making the six per cent reduction in price itself from the money it gets from LV=. In the future, however, the business’s objective was to offer lower costs on specialist plans. In offering the price reduction the organisation is hoping to sign up enough veggies to make it economically viable for LV= to underwrite yet another insurance plan that takes the veggie diet into account.

Indeed there are welcome savings to be made, a 42-year-oldnon-smoker buying £300,000 worth of insurance cover might potentially save £393.60 over a 25-year period.

Where critical illness is concerned, AFI considers that insurers should begin to treat those that like meat and those that do not eat meat in a way that is similar to the way they assess those that don’t smoke and those that do. Perhaps others in the insurance industry will do something similar.

Some senior executivesin the insurance industry are dismissive that there is any proof that vegetarians live longer, and how any insurance company could prove that those who had applied stating that they are vegetarian did not munch on an occasional bacon sandwich.

It’s true that when it comes to smoking there are GP records - if you do smoke it's likely that your GP will know about it. However, this is unlikely to apply when it comes to eating meat, an executive from the insurance industry commented.

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 veggie, they don’t regress to meat-eating, unlike applicants who smoke who tend to drift out and back again into their habit.

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