Life insurance is generally used to fill a specific need in case of death of the insured. Just a few reasons may be to replace income lost, to provide for dependents college education, to ensure a home mortgage will be paid, to provide a business partner capital to continue the venture, or to pay for funeral expenses.
I suspect Mr. Buffett has enough money in the bank to satisfy these needs when he passes on. He may not have a need for life insurance.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Ownership of a life insurance policy is generally not public information. One of the virtues of life insurance is that it can shield some of the prying eyes from looking at the content of the estate. The insurance passes outside of the estate. The person you question is generally considered to be a wise man and I believe that he owns a life insurance company or two. If he believes in the product that he sells, he probably buys it as well.
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I suspect Mr. Buffett has enough money in the bank to satisfy these needs when he passes on. He may not have a need for life insurance.