For any device with an AMOLED display, Note 2,3,4 and Galaxy S3,4,5 i would recomend insurance.
The cost of an OEM replacement part for these is in the 200 range. Then if your not tech savvy enough you have to pay someone else to do the repair. So add another 50 or more to it.
I work in the repair business and i have insurance on my Note 3.
The reality is if your careful with your device and use a good case you probably wont need it. But its like playing the oops i broke my device lottery. If you happen to break it then you will be glad you have it.
Do some math in your head.
How much is it monthly just to have the insurance? How much is the deductible? Some carriers are raising the deductible so it may or may not be cost effective.