The real question will be whether the casing is large enough for a submersible. The other question is whether there is a cased downpipe with a footvalve or a single pipe with a sandpoint. Given that a shallow well pump works now, there is a chance the well isn't too deep if it turns out you need a new casing also.
Submersibles tend to be twice as efficient as a jet pump and being water cooled tend to last a long time. I pulled up my 12 year old pump this year that was still running. Still, the average lifespan on a submersible is 8 years and it looks like you are getting about that on your jet pumps too.