Far too much uncertainty in life to have such a large limitation as that placed on it. A million is not what it used to be. Even if you spent it wisely it would come down to when you accepted such a deal in life. Sure if you were a few years out form retirement but that would more than see you into your retirement plans. That could simply be a wonderful enabler of thing you wanted to do in life but had to put them on hold due to being held down the conditions that kept you a wage earner.

I think it also would not be as fun at first thought of it. People who do not handle money so well would spend it rather fast. They would get that dream car at 80k-120k and then realize once it broken down just how much of a money sink high end things become. While on the other end, you would have people would never want to spend a dime out of fear of not having enough later on life. Would was supposed to be freedom now turns into a burden.