There are several advantages to owning life insurance:
1. It gives you peace of mind knowing your family will be financially secure.
2. It can help to replace your income.
3. Funds to pay off your credit cards.
4. Pay off your home mortgage loan.
5. Provide for your family's living expenses.
6. Provide for your spouse's retirement.
7. Funds to pay for your child's college education.
8. Allows your family to maintain their lifestyle.
There are many more, but considering the cost, life insurance does provide many advantages.
As for disadvantages, there is the cost, as you are paying a price for life insurance, and if you die your family will get the death benefit if your life insurance policy is still "In Force" at the time of your death.