[mattnewton]

Also it's used as a part of a strategy to hide money from taxes in a term policy, where you can later "borrow" against your premiums to pull your money out later in a lower tax situation. That seems to be the main purpose of large life insurance policies I have seen among wealthy people.

[lotsofpulp]

That applies to so few people though. Most people who buy it are just wasting money. In my experience, immigrants with few assets who don't know better are targeted by immigrants of their own race (since they're presumed to be more trustworthy).

https://www.whitecoatinvestor.com/appropriate-uses-of-perman...