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Animal Friends gives up LV= commission for veggie discounts

Animal Friends Insurance is sacrificing 75 per cent of the commission it gets from its underwriter LV= to finance the life insurance discounts it is offering vegetarians.

The firm said last month that it would give non-meat eaters discounts of up to 10 per cent on their life insurance premiums because they are less likely to suffer from a range of chronic diseases.

But Sesame research manager Dale Tranter says this indicates that its underwriters do not share Animal Friends’ conviction about the health merits of vegetarianism.

He says: “Animal Friends is not doing anything anyone else could not do. Someone could give a 6 per cent discount to Labour supporters by sacrificing commission.”

Animal Friends legal director Chris Fairfax admits the firm decided to sacrifice its commission after failing to negotiate a reduced prem-ium with LV=.

He says: “We sent LV= research showing that on average, vegetarians live longer and get fewer critical illnesses than meat-eaters.

“LV= said that if we could guarantee £500,000 of premium income they would look into reducing premi-ums but as this is a new product, we could not justify it so we decided to sacrifice our commission until we have demonstrated that there is an interest.”

LV= spokeswoman Lucy Pope says: “We review commercial terms regularly but it takes years to determine whether something results in a health benefit.”


Insight to merge three funds into two

Insight Investment is proposing several fund mergers, subject to regulatory approval. The Insight Investment US portfolio and the Insight Investment global dynamic managed fund into the diversified dynamic return fund. It will also merge its Insight Investment UK equity income portfolio into its diversified high income fund.Both the diversified dynamic return fund and diversified high […]


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