Purchased an extended warranty when i bought my 2003 4.4 brand new.

The warranty has served me well, it's covered replacing both front struts + air suspension (leak), Both CV's axles.

You just need to be careful about the details.

My extended warranty doesn't pay for "resets" for fault codes (e.g. inactive suspension lights)
In some cases the warranty won't cover the full job, (e.g. they prefer to replace a cv boot instead of the axle if ripped)

As long as your not expecting 100% coverage on repair costs, you'll be fine. It's more along 80 to 90% in my experience.