Why should everyone purchase a life insurance policy(LIP)?

They say that the cost of purchasing a LIP is much more than the cost of not purchasing one.

Meaning to say, that it is better to invest a small sum called as " premium " ( either monthly/ quarterly/

half-yearly/ annual) and get covered under insurance for risk (called Term Policy)  OR for endowment

policy where it is  payable as sum assured + bonus. However, if you believe that a LIP is a waste\

investment, then when fatality or serious accident strikes the person, he would repent spending money,

but being unable to get back the lost life or get back the financial implications of such a loss. Many a

times, we would not even be knowing that we have been paying a regular premium without even our

knowledge. Hence everyone should necessarily purchase a LIP, which is at least 10-15% of their total

CTC.  We realize its value only when emergency needs arise like hospitalization in the family/ death, 

loss of job, daughter's marriage, son's higher education etc.