Life Jackets don't address the underlying problem.
If you have a jack that can blow out, then you have an EPA issue with oil leakage into the ground. Why wait for it to collapse, and hope the LifeJacket will be working properly when it is needed to preserve life? Best not to rely on a stop-gap measure, but rather, get to the heart of the problem, and fix it right. Best to remove the old jack, replace with a new one in a PVC sealed secondary containment. That fixes the core of the issue, and doesn't cover it up, like a LifeJacket does.