This doesn't happen nearly as much as people on these forums like to pretend. I have never known anyone to have their kit die from a PSU stopping. I've run PCs on cheap PSUs for years, I even had an old one that whined and clicked when the wires hit the fan blades that my mate gave me as an "interim" PSU - I ran it for a year before another mate gave me a higher wattage PSU.
Yes, cheap PSUs can take your kit out, and might fail after 3 months. No, they probably won't fail within a year, and probably won't take your kit out if they do.