When life hands you a lesson, learning from it is a wise investment for the future. When we were younger we rarely considered protecting any of our loans or credit cards, lines of credit etc., with Life Insurance, Disability or Income Loss Insurance. The only insurance protection we carried was for mortgage protection, but in 93 that mindset changed when I became disabled. The impact on me physically was paramount but we suddenly realized, as my salary from my career position began to disappear and I had to fight to obtain disability benefits, that not having this added insurance protection was a really dumb thing to have ignored.
Today, no matter what we may carry debt wise, we are loaded with Insurance and we never hesitate to add it. The Life Insurance/Disability and Income Loss protection Insurance that we have on both of our vehicle loans assures us that should anything happen to either my husband or myself - we are protected. In the event that either of us should die during the life of the loans, our vehicles will be paid off in full by the coverage. Should my husband become disabled at any time, again the loans will be taken care of for us. If my husband loses the ability to bring in an income, again, the loans will be protected. The Disability coverage option doesn't include myself because I am already Disabled, but the Income Protection still applies to me should my disability from either source be disrupted. My husband is protected overall and that's the main thing and he's protected if I die or lose income so these are key.
For only $24 a month for both vehicles, this is a small amount to pay in order to ensure that we do not have to face trying to pay for the vehicles during already difficult or stressful times. That fact alone makes the monthly premium extremely beneficial to us as we never have to worry about repeating the situation that took place when I suddenly found myself unable to work.