So Mormons need insurance just like everyone. But we do have an edge. Just about every important line of insurance offers discounts to people who live the Word of Wisdom, although they don't call it that. Additionally, obeying the law and living prudently will reduce the claims you have over the years. Insurance companies will give discounts for that, too.
Insurance is really an exchange of loss.
I exchange an uncertain but potentially devastating loss, like my home burning down, for the certain loss of a regular insurance premium. Hopefully, my home will never burn and my premiums will all be wasted. However, there is always a risk. The insurance company may insure a million homes. Out of that large number some of them are going to burn.