$1 million dollars has always been a magic number for people and with good reason. Being a nice round number is one thing, but essentially, $1 million dollars still has the fiscal power to deliver quite a good passive income that would allow for a fairly comfortable middle class lifestyle.
The point of having money, apart from buying a few toys is to get to the point where you can have lifestyle, without working every day in a job. Being in possession of $1 million dollars would indeed give you that lifestyle with something as simple and as safe as a bank term deposit.
Many people are asset millionaires and live inside their million dollars. They still wake up early each morning and go to work even though they may own their house or have $1 million in equity in it. To someone like this, it would be simpler and less taxing just to size down into a modest but comfortable home and use the $1 million dollars in cash to give you an income.
If you placed $1 million dollars straight into a bank account with a term attached to it, you may get a commitment from the bank to give you a few percentage points above the current cash rate. At even 7% per year, a million would give you a yearly return of $70,000 before tax or around $1400 per week.
A job that paid $1400 a week even in today's money would be considered a very well paying job. That's why employing the money to work for you is better and more pleasant that living in your million dollar asset, but still going to work every day.