cheaper life insurance

Vegetarians are to be offered cheaper life insurance because, it is claimed, they are healthier and less likely to die early.
The AFI insurance agency has devised the Vegetarian Term Life policy to reward non meat-eaters with lower premiums.
The company claims that the wider industry has failed to catch up with the reality that vegetarians are a better insurance risk.
They are, it says, less likely to suffer from the sort of serious or chronic illnesses that shorten lives.
According to the Vegetarian Society, the risk of some cancers is reduced by up to 40 per cent and of heart disease by 30 per cent.
The chance of developing kidney and gall stones is also lower, it says, while the threat of diet-related diabetes and high blood pressure is minimised.
The prospect of getting the human form of Mad Cow Disease becomes much more remote, it is argued, while there is also less danger of food poisoning.
The new policy, underwritten by the Liverpool Victoria Life Company, offers a 25 per cent reduction on monthly premiums in the first year only.
But AFI - which stands for Animal Friends Insurance - is arguing for the entire industry to deliver long-term discounts to vegetarians.
The agency was set up by husband-and-wife team Elaine and Chris Fairfax, of Worthing, West Sussex.
The couple are forgoing commission on the life policy to fund the offer and have promised to donate all profits from their other insurance business to animal causes.
'In simple terms, vegetarians live longer and are healthier throughout their lifetimes,' said Mr Fairfax.
Insurance companies look at smoking, drinking habits and family medical history when deciding premiums.
'We believe that a vegetarian lifestyle should be given equal weight.
'There is plenty of clear factual evidence to demonstrate the health benefits of being a vegetarian which should be recognised across the insurance industry.
'Independent studies show that, on a 12-year follow-up study of 11,000 people, vegetarians have a lower rate of mortality in some significant areas than non-vegetarians.'
His wife added: 'Epidemiological evidence indicates that vegetarians suffer less from chronic disease, but the insurance industry has not yet recognised this.
'Some areas of the industry are working on this, but it may take some time.
'So in the meantime, by working with Liverpool Victoria, we are delighted to be able to offer discounts to vegetarians right now.'
There are believed to be four million vegetarians in the UK, although some people who claim this status are not thought to be entirely faithful.
Studies have shown the lure of a bacon sandwich can lead a significant proportion to relapse. It is unclear whether this would affect their monthly premiums.
AFI gave the example of a 45-year-old female non-smoker.
She would pay £10.95 a month for a £100,000 policy over 15 years with the company's vegetarian policy, compared to an average figure of £16.39 and a top rate of £18.40.
A spokesman for the Vegetarian Society said: 'This is an important first step.
'We hope insurance companies will take seriously the fact that vegetarians are less likely to die young from cancer and heart disease.'