How does the insurance plan work for Verizon cell phone?

Here I am having one question for you guys. I have a phone from Verizon, have had it for about a year, and it’s finally starting to wear and tear. It’s a flip phone, and it’s beginning to pretty much come apart and even sometimes I can hear the sound when turning it on and the volume buttons also. I don’t have the money to get a new cell phone to replace it. Please help me if you have had the same or similar problem and how you would have repaired it to get it back to working? How does the insurance plan for Verizon work?

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