Legal and General has amended the way its Mortgage Decreasing Term Assurance (MDTA) interest rate is calculated.
It will now use one of four available interest rates on which to base the cover depending on the client's requirements, budget and appetite for risk.
When an adviser generates a quote for a client they can input the desired interest rate into the portal.
Legal & General will automatically match it to the equivalent or next highest of the four interest rates available.
MDTA is designed to cover a mortgage debt and the sum assured decreases over the term of the policy, roughly in line with the mortgage as the capital is repaid.
A lower interest rate will offer lower premiums but a higher interest rate will offer more cover.
Bonnie Burns, protection product technical director at Legal & General said: "We're offering a far greater degree of flexibility than was previously available to balance affordability with risk.
"Some clients want cheap monthly premiums and will be happy not to hedge against possible high interest rates in the future, while others may want to choose a higher interest on which their cover is based and will be happy to pay more for that increased peace of mind," she added.
The four interest rates can change in the future for new business and will be altered according to economic conditions and the interest rate environment.
