The main problem with the cost of the insurance is that the insurers assess that most of the people who take it out do so because they think they will need to use it. Therefore the risk is high and the premiums are high for relatively limited benefits. You have to make your own decision about whether you wish to take it or take the premium you would pay each month and put it into a bank account. The insurers calculate that they can make a profit from the gamble of taking your premiums against what they are likely to pay out, so it may be that if you carry the risk yourself and save the monthly premiums in a bank account you could end up with more saved than you might get from a pay out.
Just food for thought