Just read the fine print. Some policies will stop covering certain items, like gaskets and seals, after 5 years. They will still issue the policy so it is up to you to find out if your coverage changes from year to year.
Another company that I checked with had a stipulation that they could either pay for repairs, or refund all of the premiums that you had paid.
Remember this IS NOT an INSURANCE policy. It is a service warranty agreement and not covered by all of the laws on the books to regulate insurance companies.