Well....there's diversity outside of HWZ forums
It's not uncommon to get Term to 100 years old plan. Let's take a fairly realistic example. 40yo, 60 years term plan that covers up to 100 yo will cost about S$5000 a year. If you have take the opportunity to load up on some reits/shares back in Feb, you would need about S$60,000 of investment in order to fund a S$5000 premium. Yes, share price goes up and down and so are the dividends but we can quite safely say that the premium is covered. In the even one dies, as long as he dies before 100year old, he will get the S$1m payout plus his S$60,000 investment is still there.
If you buy whole life insurance, basic sum assured S$500,000, it will take about 40 years to rise up to S$1m (by then 80 years old). If you buy a S$500,000 WL insurance and spread it across 10 years, you need to pay S$20,000 per annum as the premium. By the time you are 50, you have actually paid 10 x S$20000 as the premium. In the event of a payout, you get S$1m (but your cost is S$200,000).
So which case is better? 60k investment, 1.06m in total OR 200k investment, 0.8m in total (because the 200k premium is a cost)?
Your fail your maths, plus to many optimistic assumptions for term payout