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Life Insurance News
Cutting out meat 'can reduce life insurance costs' - 01/08/2007
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Life insurance customers may find that giving up meat can reduce their premiums, one provider has suggested.
Animal Friends Insurance, a not-for-profit financial services provider which donates all proceeds to animal charities, has launched a life insurance package that offers a reduction of up to six per cent on premiums for vegetarians and vegans due to a lower likelihood of contracting heart disease and serious cancers.
Spokesperson Elaine Fairfax compared the policy to smoking, pointing out that "they will load you if you're a smoker and reward you if you're a non-smoker".
"We are a bit radical and we do like to pioneer things," she explained.
The Vegetarian Society estimates that vegetarians are 40 per cent less likely to get a serious cancer with a 30 per cent lower risk factor for heart disease.
"Our premiums are guaranteed for the life of the policy. It's a double whammy in that people are getting the benefit of a reduced overall monthly payment, but also they know that a proportion of that payment is going to be helping really good animal welfare projects as well," spokesperson Chris Fairfax added.
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