Recently it has been suggested that vegetarians may be offered cheaper life insurance as their healthy lifestyle means they are less likely to suffer with life taking illnesses such as cancer and heart disease. But should something such as a choice of diet mean you are rewarded with cheaper premiums? We at Quote for Life Insurance want to take a closer look…
According to the Vegetarian Society being a vegetarian significantly reduces your risk of developing some cancers by 40% and heart disease by 30%. Thus the difference it makes according to their research is huge! You will also have a decreased risk of kidney/gall stones, diet rated diabetes or high blood pressure. In reality, does a diet without meat mean simply mean leading a healthier life style, cutting out the badness? An avoidance of fried food such as burgers, kebabs, chicken nuggets means a lot of vegetarians have a focus on food that is full of goodness as well as food that is high in the nutrients they need to make up from what they loose from not eating meat. The link between the decreased risk of contracting serious illness and not eating meat is something we should all make note off. This is not to say you have to become a vegetarian to live healthily, nor is it fair to say that all vegetarians lead the best type of lifestyle, but it’s certainly worth all of us taking a lot at what we eat and how we maintain our ever so important health.
LV offers a 25% reduction on monthly premiums for the first year of your policy, benefitting vegetarians for their healthy status. Could this be something that spreads throughout the life insurance world? In the eyes of life insurance companies, people who are healthy are less likely to claim and therefore rewarding them with cheaper life insurance premiums is a great way to encourage a healthy lifestyle as well as getting people interested in the first instance.
It could be that you are asking yourself if this business is very fair on the majority of people (the meat eaters!)? It can be a hard job to find cover when you are less healthy or you can simply end up paying higher premiums. Insurance companies reflect your risk and likelihood to claim. For people who are statistically less likely to claim and live longer, are companies rewarding them or just giving them what they should get? People who smoke and are overweight will not pay the same premiums as people deemed as fit and healthy. For life insurance companies, the idea of ‘risk’ plays a huge part in their offers and decision making.
There is some uncertainly in regards to how a person can be judged as vegetarian by an insurance company. For people who dabble in and out, surely this reward would not apply? Cheaper life insurance for vegetarians is right at the beginning of its journey to be accepted across the board. The issue may have many more dimensions that it may seem on the surface.