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

A no-profit insurance business has introducd an insurance scheme which offers vegetarians and fish-eaters a reduced cost mortgage insurance .

The deal, thought to be the 1st of its type, is being introduced by Animal Friends Insurance (AFI). The firm is offering non-meat eaters a 6 per cent cheaper premiumon life assurance premiums
The firm said that vegetarians ought to pay a lesser sum for the insurance cover, which pays out if the customer dies, because they were more unlikely to suffer from a range of chronic diseases, including some cancers.

Sheils Hatline, AFI’s managing director, said that the risk of vegetarians being diagnosed with certain cancers is shrunk by up to 40 per cent and the risk of them suffering from heart disease is lowered by up to 30 per cent, but despite this they have, until now, had to pay broadly identical insurance costs as clients who eat meat.
She says that AFI believe this is unfair and says the life industry should recognise the fact that being a veggie can create a very positive impact on life expectancy and reduce its charges accordingly.

A normal plan is also on the market for meat eaters. Both insurance plans are underwritten by LV=, which was known as Liverpool Victoria.

In common with standard life cover, a range of factors contribute to the cost of the premiums including whether the applicant smokes, their weight, age and sex.

Currently at the moment, AFI is making the seven per cent cheaper premium itself from the money it receives from LV=. In the future, however, the business’s objective was to offer lower costs on specialist policies. In ,offering the discount the company is hoping to sign up enough veggies to make it worthwhile for LV= to underwrite another plan that takes the veggie diet into account.

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

Where life insurance quotes is concerned, AFI thinks that insurers should begin to treat meat eaters and those that do not eat meat in approaches matching the way they view those that don’t smoke and those that do. Perhaps other companies in the insurance industry will do the same.

Some peoplein the insurance industry doubt whether there is any proof that veggies live longer, and how any life insuranec company would know that those who had applied stating 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 now don’t smoke it’s probable that your GP will know about it. However, this is not the case when it comes to eating meat, an insurance executive observed.

But many veggetarians say that they are not concerned about people falling off the veggie ways and suggested that once a veggie has become a veggie, they don’t regress to meat-eating, unlike applicants who smoke who tend to drift in and out of their habit.

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