I always get it because I am an insurance freak as well! Reason being, my mom had a stroke about 4 yrs ago. She is alright now, but now she is on disability. While she was in a coma, her insurance that she had on her credit cards and loans paid her payments while she was in the hospital. One loan is actually paying one of her loans off. It is just peace of mind in my case! Plus with me being in the military, I dont exactly have a safe job!
First of all ifr you have awill and beneficiaries listed for insurance, credit cards can't touch those funds. For the cost of the insurance, you can set the same amount aside in savings and save mor than the min. In the case of no unforeseen events, you have a party fund. The insurance does NOT make your min payments from all the offers I have read, only defers them.