After upgrading to the Gold Class Visa, I was offered the same deal and accepted it. I ended up getting the 1,000 miles for free, but there was a bit of hassle involved.

First, I had to call up to cancel and endure some pressure not to cancel. What was hilarious is that when I called the Credit Protector number and finally reached an live person, his first question was "Why do you want to cancel this service?"

I guess most people who call are asking to cancel, as I hadn't even explained the reason why I was calling!

After some repetitive fear-based pleadings to keep the service, such as "you never know when you may suddenly lose your job or be seriously injured," I firmly insisted on canceling and received confirmation in the mail.

The roughly $32 in premiums that had been billed to my card were promptly credited back as promised, but I didn't receive my miles until calling MP Visa customer service about 8 weeks later.