If you want to protect your investment in iPhone 4S, you can’t do it by the Total Equipment Protection Plan. This is not what I am saying but these are on the official page (As you can see in the picture).

Whether it’s iPhone 4 or iPhone 4S-Both will be treated as exchange-only models. If you want some more peace of mind, you can get it through AppleCare+ but you have to pay additional $99 for that. First, you have to spend some cash to buy it and than these additional $99 seems like an additional burden. But again, there’s something that will make you spend these $99. You are purchasing a handset by cashing in a lot of money and in case if it damages accidently, you should be having a way that you can use to get it fixed. If you think like this, then this $99 is a big savior for you.
Are you willing to spend $99 or you want to take a risk? Choice is yours. You have to decide.