Updated: Oct 15, 2020
Some of these are laughable, but I'll address them quickly.
"I'm wealthy. The last thing I need is life insurance and "I own properties"." The wealthy buy the largest policies for a multitude of reasons. This unnamed billionaire bought a $201 million policy. Here's the thing: it couldn't be for estate taxes... because assuming he's worth $2 billion... and taxes are 50%, then he'd need $1 billion to cover the taxes. This policy alone wouldn't do the job. (Doesn't mean there aren't other policies in force, just that it couldn't have been purely for estate tax purposes.)
As for owning properties, if these properties are part of the total estate and exceed the estate tax exemption, then the IRS needs to be paid in cash within 9 months of death. You've got to find a way to convert property into cash. Yes, you could sell them, but what if there was a smarter way?
"Life insurance is betting that you're going to die."
Last I checked... everyone is going to die. The question is how and when. No one has a lease on life that can be renewed whenever you wanted to. And to bring in a little religion - Christ died and rose on the 3rd day... but He still died.