Insurance is only profitable in the event a person needs it and most of the time only offsets losses to make them more bearable. Insurance is only truly profitable for the company providing it. Think about it. If it was profitable, that would mean they'd pay you more money than you paid them, and that wouldn't make much sense. No different than health insurance, car insurance, or home owners insurance - a few people will eventually need it, but they make their profits from the multitudes who will never need to use it. For things like homes, cars, and health, it's often a smart move because often we couldn't afford such financial disasters that could occur otherwise and this giant pool of money that the insurance company customers create help guarantee the ability for families to keep their lives going - but again for the majority of people paying into that pool of money, they'll never be required to access it. The only way for them to make money is to charge more to the people using their service than what they ever have to pay out. Perhaps a few players will benefit, but the majority of players will not and that's how they intend to make money - no different than any other insurance company.
If this was a profitable endeavor for players, then players would abuse the system and force the company to pay out more in claims than what they bring in. So the majority of players are going to pay in more than they receive, meaning that for a vast majority of players it would not be profitable investment. So in terms of a profitability standpoint, it's a perhaps. If you've only been a member there for a short period of time, then perhaps you'll make significantly more than your premiums, but just like any other insurance, the longer you remain a customer and the more you pay in, the more you're actually offsetting whatever profitability you might possibly get. And any legit company is going to monitor their profitability to ensure it, otherwise they would fail! Most likely, they'll force members to guarantee a certain number of months before claims can be made, have fairly high premiums that will highly offset any body who actually uses it. Successful poker players look for long term profitability with the best odds
, and it just doesn't seem like this makes much sense for either of those.