Are you planning to use the phone for so long?
ALD or Screen Damage for a year shouldn't suffice?
Last year many people broke their camera glass and since many years people break their glass back. Till now I have never have had accidental cover but due the phone weight and cost, I don't want to take chances. Also it is worldwide service. One drop and 20K+ is gone, it better to invest 8K extra! That's just my preference 1year screen cover is also good deal.
P.S you cannot buy 2 years coverage plan post 30 days getting the phone! So plan in advance.
Regarding long term usage: With every phone I am pushing myself to stay with it for longer time. Earlier I used to upgrade every year [11 months with NOTE, 1 year with S4, 1+ year with XPERIA Z2] but once I got S8+ I used to it for 1.5+ years then with OP 6T I pushed it to 2 years and now with S21 Ultra I want to stay atleast for 2 years.
After a year it feels boring and battery starts to degrade. If my S8+ wouldn't have gone mad with the battery backup I would still use it! The in hand feel of that phone is unexplainable. So sleek and curvy

. I just love it's design but it used to heat up alot and battery backup was only 3-4 hours SOT with my usage. Had to plug in twice daily and sometimes thrice a day! Got bored and got rid of it with 6T.