That’s right, I did it when I had a young family and wanted them to have some money if I died. But it was good to get the premiums back. I think I took out three policies, one each year, and got it all back.
To be fair, I used to take out life insurance in the 1970s. After seven years (I think it was) you got all your premiums back. And had enjoyed a tax deduction on them.