Credit card balance protection insurance is a type of loan insurance that protects you financially in the event that you aren’t able to pay off your balance. You usually need to sign up for credit card insurance, or express consent, as it isn’t included when you apply for a credit card. Banks, credit unions, and credit card companies offer credit card insurance.  This type of insurance protects you in various scenarios, such as:
Losing your job or striking
Hospitalization or illness
Death
Injury
Credit card balance protection insurance might be appealing to you if you aren’t covered under any other insurance policy. These insurance plans are often expensive, with high monthly premiums. However, depending on the insurance policy, any of the above life-changing events can result in your credit balance being paid off in full, or an agreed-upon amount every month until the benefit runs out.