Credit card insurance, or "credit protection," is a program that, for a monthly or annual fee, may cover your minimum monthly credit card payments for a limited time if you become disabled, lose your job, or experience some other significant, qualifying "life event." However, there are numerous restrictions that might prevent you from collecting on a credit card insurance claim. For example, in the case of a disability, you would need to provide documents and reports from doctors and healthcare facilities to support your claim. If you’re self-employed or a seasonal worker, you would most likely be ineligible to receive benefits for a job loss. Considering the cost and exclusions, credit card insurance may not the best use of your money. Financially speaking, it would most likely be better to direct the money you would spend on credit protection fees toward paying off your credit card balance. If you don’t carry a balance, there’s no need for insurance to cover your payments.