Eleos Life launches income protection policy for homeowners
The policy is available to homeowners in full-time employment and pays a monthly income if they cannot work or lose their job.
Eleos Life has launched an income protection policy for homeowners covering injury, illness and redundancy.
The policy is available to homeowners in full-time employment and pays a monthly income if they cannot work or lose their job.
This launch comes after research published by LifeSearch and the HomeOwners Alliance found 47% of homeowners believed income protection would pay out if they were made redundant.
This rose to 61% among homeowners who already held an income protection policy.
The Institute for Fiscal Studies calculated that a single homeowner on an average wage kept 12% of their previous take-home income after losing their job and receiving benefits.
Kiruba Eswaran (pictured), founder and chief executive of Eleos Life, said: “A homeowner who is made redundant can wait three months for any help with the mortgage, and when it comes it is a loan against their home.
“Most people assume their income protection has them covered.
“For job loss, it usually does not. We have built one policy that covers injury, illness and redundancy, and you can buy it on your phone.”
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