There are two main reasons for having life insurance – the money, and the added benefits included with a nomad-specific life insurance policy.
Anyone who is financially dependent on you (for example your children, or your partner, or anyone else you support financially) needs you to have life insurance, to replace that financial support in case you unexpectedly die young.
And even if you don’t have anyone financially dependent on you, if you were to unexpectedly die young whilst living in (or travelling through) a different country to the one you call home, the cost of bringing your body back home is not cheap. If you don’t have life insurance to cover that cost, how will that be paid?
Additionally, the added benefits included with a nomad-specific life insurance policy can be priceless – because as well as the cost of dealing with an “international death”, it’s also a complex thing to deal with, at what is already an emotional and stressful time for your family. Having a team of professionals, with broad experience of dealing with this exact set of circumstances, on-hand to help your family sort all the legal issues and bring you home, is a non-financial benefit which is immensely valuable, regardless of how much money you or they already have. It’s needed.