Can you afford to replace/the cost to fix it if something happened? You probably don’t need it.
If you are hard on your electronics, don’t have a back up, can’t afford a new phone/plan to keep it, etc? Then I’d recommend it. I sold or traded my previous phones, so I no longer have any back up phones and don’t want to shell out $900 for a new phone. Personally, buying AC theft and loss made sense to me.
Too old. Id look for a 2nd gen SE or 8 plus for the size.