Insurance is an optional Blackjack bet which comes up when the dealer’s upcard is an Ace. The Insurance bet protects you in the event of a dealer blackjack. However, the odds of a dealer having a 10-value card are 16/52 or 30.77%. That means you would lose 69.23% of these bets. When the 2:1 payout is factored into the equation, you end up losing more money than you would win. The short & sweet answer is no.