Is Life Insurance The Muggiest Bet of All?

It depends how soon you will die, what your assets are, and whether you care about those you leave behind. If you live another 30 years, it's a bad bet. If you drop dead at Christmas, it was a good bet. Whether it matters depends on if you (or rather, your dependants) need the money in the first place.

Insurers (and ignore the pedants who say this is not really insurance) make money on the average case and lots of money on outliers in one direction. They lose in the other direction.

I reckon insurance is one of the most despicable and inefficient businesses out there.

I think it's one of the most important things you'll ever purchase. If you've got dependents, and you genuinely care about them, it provides a massive amount of peace of mind for a small outlay and ensures their financial security should the worse happen to you.

Forget all the insurance company marketing. Just go onto a comparison website and buy the level term assurance that's cheapest for you. If you've got a bit extra, add some critical illness, especially if self-employed.

Only if you are skint, if you have assets, it's a total waste of money

It's called Assurance for some long distant unnecessary reason and is largely needless.
In the 80's I was a 'man from the Pru' for about 18 months, I was a bit brainwashed to do the job and looking back on it I can honestly say there is no real need for it.

Worst of all though is medical insurance. MASSIVE rip-off.

Sounds like a good idea if someone was planning on topping themselves, unless suicide isn't part of the policy.