This article is utterly irresponsible. Yes, the expected value of insurance is less than the cost: that is how insurance works. The purchaser is buying down risk. That's how car insurance works; it's how life insurance works; it's how home insurance works; it's even how health insurance works.
Moreover, an overlooked perk is that if one has a dangerous medical condition, then individual life insurance is impossible to get at an attractive price (the ones which require no medical exam still ask medical questions, and if you have a life-threatening condition then you will be denied coverage, which is fair, because the risk is too high), but group life insurance is still available. This is wonderful for those who need it.
Moreover, an overlooked perk is that if one has a dangerous medical condition, then individual life insurance is impossible to get at an attractive price (the ones which require no medical exam still ask medical questions, and if you have a life-threatening condition then you will be denied coverage, which is fair, because the risk is too high), but group life insurance is still available. This is wonderful for those who need it.