Legal & General has replaced its mortgage payment protection (MPPI) product with a short-term income protection (IP) offering called Lifestyle Cover.
The provider said that it believed the protection market was changing and that consumers were looking to cover more than just one expense such as their mortgage.
Research conducted by the insurer found there was increasingly widespread desire from the public for this approach.
Mark Holweger, director for general insurance at Legal & General, said: "As a responsible insurer, although we continue to believe that mortgage payment protection insurance provides valuable protection to customers by offering financial support to help meet monthly mortgage payments, the market is changing.
"There is a need to protect wider financial commitments, not just mortgage payments for those unable to work due to accident, sickness or unemployment.
"Lifestyle Cover provides customer with the comfort that if they should lose their job; become unwell or have an accident, then the financial commitments that matter to them will be protected," he added.
L&G noted that the new product was currently only available through advisers.
