Annual exhortation: You should have millions of dollars of term life insurance

In theory, tax rules could make that situation possible.

In practice - yeah...NO. Unless your "if I died now" world includes people near & dear to you who'd really need the insurance money, then don't waste your money or time on it.

This is a question about insurance generally. Insurance for something catastrophic and very rare makes the most sense because individual premiums are low and risk is pooled. The opposite kind of insurance, and the dumbest, is getting a warranty at Best Buy (if they still exist) for 1/3 of the cost of the product, or those wheel rim warrantees. Having the product break isn’t catastrophic, and you’re not really pooling risk because the premiums cost more for you individually than you’d expect to get back if a loss happens. In those cases you’re better just setting aside the premium in the bank. But if you did this with life insurance, you would never accumulate a value anywhere near the payout.