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semi related anecdote.

My recently deceased father had a 1M whole life policy, presumably he paid a huge amount into it early in life and it wasn't an objective good deal, but he hadn't had to pay into it in years. In his 60s and early 70s I had to hold to cash it out and have some fun (a few hundred K I think).

He never really needed the money and we sort of forgot about it the last decade of his life. Sure enough a week or so after his death mother got payment of 1M USD which I believe to be tax free.

Sorta hard to he happy about the unexpected payment given the scenario however.