This is a very debateable thing. But from my opinion It's worth it to protect HP and not insure it.
As long as you have food in your inventory, you pretty much cannot die at 99 hp. Whilst at 75 hp people are starting to be able to almost 1 hit you, with people getting DBows, 99 str, Godswords.
I am going meele/mage hybrid, protecting strenght and hp. This is because getting 99 str back when dying can take several tens of hours, whilst dying with 94 mage you can get it back in 2 hours and 1 mil gold. And i get more then 1 mil gold before i die, so I'd rather just take the 2 hours and spend the gold, then go str training for 15 hours.