HOW WE SHOULD SEE 'INSURANCE':
First we should get clarity about Insurance by putting the following questions.
-Is it Asset or Expenditure?
-If it is Expenditure, why should we calculate profit/economic benefits?
-If is is Asset, why should we bother about cost?
-Can we mix Expenditure and Asset together? (Buying a Chocolate to our children is expenditure only, even though it gives lot of happiness to them. But paying money for Insurance can't be expenditure, it is accumulated asset for our children/dependent)  
-Is Insurance we are opting for our-self or for our dependents?
-If it is for our-self, what is our expectations?  Is it for Tax Saving? To cover Partial Disability? Is to retain our fixed assets (housing loans etc)  Is it for Savings? etc
-If it is for dependents, is it for continuity of peaceful and standard (same standard) of life? or Compensate your obsense?
-If it is to meet expenditure of our children, should think about cost for continuity of education and social responsibilities?
-What is our human life value?
-What kind of money we can/should spare for future?
Wecan't measure the value of Confidence & Assurance.
If we got answers to above all we can short list and prioritize. 
One more Difficulty comes: finding out the reliable and economical products along with Professional Advise.
Since Insurance is not a commodity product, service oriented, and most of the claim arises, in our ob-sense/disability time (not maturity),  we should go for, who can be trust worthy and can get any service at any time.