Boost, Virgin Mobile push phone insurance for $5 per month

Sprint is about to do you a favor, by selling you insurance on your phone.

Both of Sprint's no-contract carriers, Boost Mobile and Virgin Mobile, are offering customers on the Monthly Unlimited plan a "unique opportunity" to insure their phones for $5 a month, even though the phone insurance window typically closes after the first 15 days of buying a new handset.

Don't look at it as a business decision from a company seeking an additional revenue bump in the form of a service add-on. Look at it as a heartfelt offer to you, because your happiness is just that important.

Or, at least it is during the month of May. After May 31, the insurance offer reverts to the usual policy.

In all seriousness, there are potential benefits with any insurance program in the event of damage or loss.

Considering that Boost and Virgin phones can cost up to $300, insurance could save you from buying a new phone at full cost, though keep in mind that there is a deductible of $25, $65, or $100 per approved claim. The prepaid carriers will typically replace phones within 24 hours.