What do I need? Insurance or Insurance with Investment?

Insurance-Usually whenever we think of this particular term, what comes to our mind is how much money I am "SPENDING" & what am I going to get in return, more so, when there is a question of Life Insurance. We always start comparing it, in terms of percentage returns say 12%,15%. We often hear Insurance advisors approaching us with an endowment plan- invest 'x' amount & get back 'xx' amt after 'y' number of years etc... But is it what we buy Life Insurance for? Do you insure your life for "getting something in return?" I disagree with that...The basic meaning of Life Insurance is - insuring your life "adequately enough" so that if "Any Casualty" happens to you-a sole bread earner of the family, then your dependents should be able to continue the same lifestyle as they are enjoying today. Such a casualty should not result in deterioration in the "Standard Of Living" of your dependent family members. But as our Filipino mentality again forces us to say "Ano ang gagawin ko sa pera pagkatapos kong mamatay? (What am i going to do with this money after my death)" But then, I would like to raise this question to 'such' people: Have you accumulated enough wealth in order to, sustain your family's current lifestyle - even after your death...??? Will they be able to enoy the similar standard of living despite yourself leaving them behind...???If even this doesn't appeal, then let us take one example:There are two friends Mr. Macaya & Mr. Simeon working together in MNC & enjoying similar lifestyles. Both of them have an insurance cover of Php 20 Million, but where Mr Simeon is having a typical TERM PLAN (a pure insurance with only Risk cover, without any returns) for which he pays Php 5500 as a premium annually (actual amount of premium may vary from company to company), Mr Macaya has bought a ULIP (I am taking ULIP as an example because this is the most "unattractive" plan from insurance companies) from the same Insurance company but he is paying Php 2 Thousand as premium annually. Although a ULIP(Unit Linked Insurance Plan) has a unique advantage of investing some portion of your premium into equity/debt market depending upon your risk appetite which gives returns ranging from 8-20% or even more if one is choosing equity option, but then there are charges applied. Insurance companies call it as mortality charges, charged for giving you risk cover, which keeps decreasing every year-30% in the first year, 20% in second year & 6% in the third year (that amounts to 60000 in the 1st, 40000 in the 2nd & 12000 in the 3rd year in Mr Macaya's case). After deducting mortality charges the rest amount is invested in the equity/debt market. Now, since the actual picture is clear before of us... don't you think Mr. Simeon is in a much better position in terms of his Insurance cover. Since Mr Simeon is paying less amt of premium for his insurance cover, he has the option of investing the "SURPLUS" (surplus over Mr. Macaya's premium) amount either into stock market(depending upon his market knowledge, of course) or rather can invest in a leading Mutual Fund, that has a sound background of paying good returns., Or rather he can enjoy the money for a Good summer vacation every year with his family (or maybe a girlfriend...). Now, that sounds interesting & convincing too... So next time when you meet your Insurance Advisor, do ask him about TERM PLAN.