Like any insurance, it's a bad investment until it's needed.

Unlike some other kinds of insurance, you're not the one that will get the most benefit from it.

Then you should buy term life insurance. It’s dirt cheap to cover you when you need it most (young, raising a family, don’t have much saved, paying off a house and perhaps education) and if prudent eventually the need to insure your life is displaced (your debts have been paid and you’ve accumulated savings and the kids have moved out, etc.)

Isn't everything subjective? If there is an objective way, then we wouldn't be having this conversation. I based on my own experience and my family's experience. My dad can sell his insurance which worth at least half a million after 20 years of investment.

Take the annual premium that your dad put into life insurance over those 20 years and plug it into http://www.cfiresim.com with these params:

Start 2017, end 2037

0 portfolio to start, leave the rest of the defaults.

0 spending on the right hand side.

Scroll down and plug the annual premium (not the monthly) in as "other income" from 2017 through 2037.

Hit the big green "Run Simulation" button at the top.

I'm guessing you'll see a much higher number than $500,000. I ran the simulation with a $12,000 premium and got an average $500k payout, but the premiums are probably quite a bit higher than that if he has a $500k cash value.

The premium we paid was $5000 a year.

In general, if you need life insurance, buy term life insurance, which is a pure play insurance product.

Whole life and other investments-mixed-into-insurance frippery are designed to make the insurance companies and salespersons more money.

Buying term and investing the difference is almost surely a +EV play.