On the heels of a very similar promotion from AT&T, Sprint has decided to allow any of their subscribers to add phone insurance to their plan throughout the month. Normally, you can only get a device insured within the first 30 days after purchase, so this is a good deal if you dragged your feet back when you first got your phone or LTE-capable tablet.
The plans, branded as Total Equipment Protection (TEP) and TEP Plus, are serviced by Asurion, just like AT&T. Both will cost you monthly fees that go higher if your phone is newer or nicer. TEP Plus is only for "higher-end" devices and brings with it a higher monthly fee but no deductibles on the first two claims. Here's a quick comparison, courtesy of Sprint:
Now, as I warned with AT&T's promo, it's kind of difficult to make these kinds of plans into a winning proposition. You should definitely look into our phone insurance guide before buying. Oftentimes, you'd be better off sticking that money in an envelope every month and using it to pay for any necessary repairs or replacements out of pocket.
If you are in a situation where it's right for you, though, this is a great opportunity to get it. Sprint wants to drive some more interest in the program, so this is an infrequent chance to enroll outside the normal period.