It depends on your needs, your goals, and what you want to provide for those you leave behind.

Some wealthy people purchase life insurance to provide funds for any number of reasons:

1. To pay for estate taxes.
2. To donate money to their favorite charities.
3. In order to provide a larger estate for their heirs.
4. To pay off any outstanding debts.
5. To pay off their mortgages.
6. To leave donations to their alma mater.
7. To provide additional funds to off-set any annual increase in cost-of-living, so their spouse can continue their current lifestyle. As we know, each year, the price of goods usually increases.

These are some of the reasons rich people may want to purchase life insurance. However, they don't necessarily need life insurance. That's up to the individual, and their financial goals.