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Credit card companies offer a variety of insurance options - the four main insurance coverages you can purchase from your credit card include disability, credit life insurance, property, and unemployment insurance.  The question remains- is it worth it to you to pay an additional few dollars each month to add these insurance policies to your credit cards?  Here is what each of the various insurance options cover:

Credit Life - whether you die, your credit card balance will be paid off.  You purchase that insurance from the credit card company, and you additionally designate the beneficiary of the policy to be the credit card company.  whether you should die, your policy kicks in and the money is no longer owed.

Disability - whether you have credit disability insurance and you become medically disabled, the policy will produce your minimum monthly payments for you.  Personally, I’m hesitant on the value of that insurance coverage considering there are many concerns by what will be classified as a medical disability, the length of date your payments will be covered, and whether or not you can use the

card whether you’ve put in a claim for the disability insurance.  I would just be certain to look into all the details before deciding whether that coverage is worth it to you.  whether you’re self employed, by the way, you probably won’t qualify at all.

Property- Credit property insurance is supposed to cancel the debt owed on items you bought using the credit card, whether the items are later destroyed by specified events or situations listed in the policy coverage details.  There is no deductible when making a claim under credit property insurance, but I think the concern here is what types of events or situations qualify you to cash in on that policy.  Check into it carefully.

Unemployment- Involuntary unemployment insurance offered through credit cards which will form your monthly minimum credit card payment whether you are laid off involuntarily.  Again- whether you are self employed, you can’t put in a claim so don’t purchase that coverage!  additionally, whether you form purchases after you’ve been laid off, those items will not be covered under the policy.

Orginal post by debbie