Wouldn't you have to buy Applecare for each item? That would be a tad expensive. Over the past 5 years or so I've been involved with 6 Macs and 3 iPhones and not needed Applecare for any of them, so saved myself a lot of money.
You have to buy Applecare for the iPhone within 30 days of the time you bought the phone and within one year on the Macbook. The TC would be covered if you bought it at the same time as the Macbook.