Have you insured your life? Have you reviewed your policy lately? Is the insured amount enough to take care of your family, and will it be enough to pay off your credits and loans? In that case you are okay. However, if you find that your life insurance coverage is not enough, simply take out a fresh term life policy to make up the difference. There is no need to buy a separate credit life policy.
When you are strapped for cash, a credit life policy is a waste of money. Such policies give you the same benefit as an economical term life insurance policy but at higher rates. Instead, buy a term life policy and effectively secure your family's overall insurance plan.