I had it, plus income protection and high-tier health insurance. I felt safe. These were all great and affordable while I was averagely healthy and earning well. Then all of a sudden I wasn't. I found out I'd been paying for an illusion of safety. It took less than two years (including dispute time) for every single 'protection' to stop paying out. My mortgage lender assessed me as a high default risk and tripled my interest rate.
I lost everything - I could've hung on longer, perhaps, had I received better advice - I thought I was going to recover - but, realistically, that would only have meant a slower and bumpier fall than the precipitous crash I experienced.
I am a reader of small print. You try comprehending the full implications of every clause and sub-clause of insurance policies, which are written by teams of specialist risk assessors and their professional setters of legal traps.
I'm not criticising the insurers and lenders (well, maybe some of the lenders ...) It's their profession, just as mine was media planning. I'm taking advantage of this sub-thread to remind everyone that insurers are in business to make money, not to keep you safe.
ETA: I've been uninsurable ever since! Since Brexit, I can't even afford to leave the country due to the extreme cost of travel insurance. No dental insurance for me, either, and definitely no credit security. I'm a pensioner now, thank god, but despite the excruciating poverty of years on minimum benefits, I thank fuck that we have a welfare system.
Never kid yourself that commercial entities will take care of you when you need it. Why should they?