Animal Friends Insurance has announced it will offer a 6 per cent discount on its life insurance premiums to vegetarians and fish-eaters.
Over 3.5 million Briton’s are vegetarian or intend to become vegetarian in the next year according to the not-for-profit insurer.
Animal Friends Insurance is calling on other providers to follow its lead, given that medical evidence suggests that as a group they are less likely to suffer from major illnesses, including some cancers.
It claims that, while the life insurance industry has significantly developed its understanding and management of risk over recent years, it has not given adequate weighting to the benefits of vegetarianism.
The insurer says before now vegetarians have not paid any less for their life insurance, despite the fact they are less likely to suffer from a range of chronic diseases. It claims vegetarians are ‘subsidising’ meat eaters.
Managing director Elaine Fairfax says: “The risk of vegetarians suffering from some cancers is reduced by up to 40 per cent and from heart disease by up to 30 per cent, but despite this, they have to pay the same life insurance premiums as meat eaters.
“We believe this is unfair and the life insurance industry needs to acknowledge the fact that being a vegetarian can have a very positive impact on life expectancy and reduce premiums accordingly.”