Abstract: An innovative system and method for providing financial protection to predefined borrowers during critical periods. The system includes a financial product that includes multiple insurance products that provide financial protection against predefined insurable risks without additional cost to each predefined borrower. The financial product also includes a critical period protection premium that is paid by a private mortgage insurer to reduce the risks associated with possible default by the predefined borrower. The critical period protection premium is used to insure the predefined borrower against at least one predefined insurable risks that occur during critical periods. The financial product also includes a coverage time period and a benefit period. The coverage time period is defined as a period when the typical predefined borrower is most vulnerable to delinquency because of the predefined insurable risk.