Last time I crunched the numbers, $1M will provide security but probably not indefinitely sustainable income. If you manage 6-7% in the stock market, that's $60-70k/year, but 6-7% is the decade-over-decade average. Any one given year can be 1% (or even negative).
$10M on the other hand provides solidly middle-class income even in years of terrible market performance.
Home and vehicles were paid off; my wife is frugal and we live in a low-cost area. It would've supplemented her income from her mid-20's until retirement.
Also, getting a $10MM policy is a lot more difficult than a $1MM policy.
$10M on the other hand provides solidly middle-class income even in years of terrible market performance.