I've looked at AwardGuard, but not sure about purchasing. Looks like you are only covered if the airline completely stops operating and the miles are not picked up by someone else. As I read it:
1. Filing Chapter 11 does not qualify for mileage converage if the airline is still functioning.
2. Discontinuation of an airline's FF program for any reason does not qualify for mileage coverage if the airline is still functioning.

In my view, the airlines are much more apt to file chapter 11 and reorganize while they continue flying or they are more likely to discontinue their FF programs but keep on operating. Total shutdown with another airline not picking up the FF mileage is highly unlikely, particularly with the rumored government bailout. I haven't made a final decision, but am not likely to purchase.