Actually, now that I think about it, it is potentially not true that you would pay more in premiums than the payout, since insurance companies can make a profit on people who let their insurance lapse before dying

Wait? You are using whole life? Buy a 30 year term policy (get ~5-10x the coverage benefit) and invest the difference in the premiums. You'll be way better off. Or get some guaranteed no-lapse universal life. Whole life in is never the answer.