You don't need to spend money for something like that, you can get a bracelet or dog tags if you have some sort of health issues, or not, and just put your contact info on it. I don't even have a bracelet or dog tags, I have my contact information inside my helmet, and I have a state ID card in my saddle bag inside an Altoids tin which I wrote with a perm marker "ID inside" on the lid.
Besides, if I don't show up, and my wife can't reach me, and the cops are too stupid to look inside either the helmet or the seat bag, then she would call the cops to find out if a cyclist was involved in accident. So eventually I would be ID'd, so I'm not the least bit concerned...unless I had some sort of heath issue then I would take the step to get a medical alert bracelet or dog tags that doesn't cost something every year.
A lot of people want your money, and most of this stuff is nonsense and wasteful spending of one's money.
A phone won't be much good if it requires a finger print, and or a password, and you're unconscious unable to use it, thus the cops can't access it.