I am not sure I think it is. Looking at the extra I have been paying for my 6+ and what I could sell it for I think its almost a wash. You get the insurance with it. But if you really need it Assurant isn't super great about covering claims in my experience. I lost a phone back in Feb. they claim 24 and you'll have a new phone. But they told me nope and never gave a reason why. So I am not sure how I feel about that whole thing. I am about to Jump for the first time since I have been paying for it. But I am not sure if i'll pay for it again. I am still up in the air.
Now there is also the Jump on Demand. But from what I can tell then your in bed with Tmobile for the next 18 months. You can get four phones I think with in that time. But if your not going to bounce between android phones too, then you don't get to take advantage of that. If Tmobile starts being jerks its more costly to leave.