1) like i mentioned in my first post in this thread, buy life insurance only if you have dependant(s) or use it to pay for funeral expenses

As from your family experience, your family depended on your father and as such it was necessary to maintain his insurances but not young people who do not have dependants.

I also made stupid mistake to buy Life insurance for 2 of my chidren more then 10 years ago. Still paying the annual premiums and if i were to put the money in FD, the money in the FD would be more if i were to cash out from the Life Insurance policy now or should have use the money back then to buy a higher amount policy for my Life Insurance.

2) It is only morally correct for an insurance agent to advise his potential client(s) that one must have adequate financial means to pay for the premiums now and the future.

And dreamer, can't blame insurance agents for selling insurance plans to people who failed to plan their own future. Insurance agent offer a plan and it is up to the individual (an adult of legal age) who decides for himself to sign up or not.