Maybe it's risk mitigation without cost sharing to achieve the same economies of scale that insurance creates.
Its a rich man's way of removing risks that we are all exposed to via spending money on things that most couldn't seriously consider due to the likelihood of said risks.
I don't think it's duplicitous. I do resent that I can't afford it. I can't hate on them though. I hate the game, not the players. Some of these guy would prob let folks stay in their bunker. They just can't build a big enough bunker. Also most folks are gross to live with. I'd insist on some basic rules.
I think we innately are suspicious when advantaged folks are planing how they would handle the deaths of the majority of the rest of us. Sorta just... Makes one feel... Less.