These plans from credit card issuers, which promise to pay all or a portion of your credit card bill if you become disabled, lose your job or die, are especially popular during this time of high unemployment and mounting debts — but there are many loopholes. The plan may not kick in if you lose your job for performance reasons… if you are disabled but can do some other kind of work… or if you have other disability coverage. The monthly fee ranges from 35 cents to 99 cents per $100 of debt.

Better: Build up an emergency fund or purchase extra life insurance.