Berkeley Alexander has launched Securityplus, a single premium mortgage payment protection insurance that provides guaranteed cover for five years against the risks of unemployment and disability.

Premiums are calculated at three times the chosen monthly benefit for example, to cover a £500 a month mortgage for five years would cost £1,500.

The price includes agent commission of 30% and insurance premium tax.

Securityplus provides cover after a waiting period of 30 days to all occupational classes aged 18 to 60, including the self-employed, contract workers and proprietorial directors of businesses. The product is underwritten at Lloyd's and administered by the Wessex Group.