This protection plan is like an additional tab. I would never recommend this to anyone on a tab small, and would still advise against it to anyone on a tab medium. Perhaps for a phone on a tab large, but even then, your tab starts at $504 (plus anything you paid upfront for the phone, which is already money spent). $7x24 is $168. The question is...would you spend $168 over 2 years to protect something with a low replacement cost?
Say you're on a tab small, that can go for $120/168/240 subsidy. Say your phone breaks, then with a personalized offer, you might have a buy-out of next to nothing, but you also have a busted phone to trade-in at Wow Mobile for $50/75/100 in-store credit (pre-tax).
Say you're on a tab medium, and you get a $360 subsidy. Granted, six months in, you've got a buy-out of $270. There are some phones that offer $200 gift cards (usually requires a new activation), and personalized offers combined with a trade-in deal at Wow Mobile can certainly take a good stab at that. Say you're a year into your tab medium deal, then your buy-out is $180. That's super easy to off-set with promo's and personalized offers.
On a tab large, a year in, your buy-out is $252. Still super cheap given the promo's on the market :D
Plus when you upgrade your phone, you're likely getting a newer model, which usually means a more awesome device!
I'd consider a protection plan on a $1,000+ phone on subsidy with Rogers/Bell/Telus, but with Koodo (either you pay money upfront for the phone or you get an activation credit, leaving you with less of a buy-out), I can't see how it could be beneficial. I think their protection plans are more expensive, too.