He hasn't quite reached the level that Greg was before the crazy fellow was dismissed from his rank, but this is the highest he can buy with grade 3 merit points.
He can still earn grade 3 merit points to buy Reincarnation Insurance, Awakening Insurance, Awakening Bestowal, and Society Creation Authority. But he doesn't need those things as he is sure that he won't be able to take them with him when he reverses time.
He is sure that he won't be able to take them with him because they are linked to his identity as a member of the sect, not to himself. So if he loses his identity, which he will do when he reverses time, he will have to earn merit points to buy them again.
As it is, he is not yet sure if he can take his Dao Status into the past. But he is sure that he won't be able to take the Life Insurance with him.
