1) You'll always have it. You could calculatingly spend your assets down because when you die, your family will replenish assets with LI cash.
2) It doesn't factor into assets for children applying to college on FAFSA.
3) You can utilize the cash (via loan) to yourself at anytime with no application. Pretty convenient during high interest rate environs. You could take a car loan right now for 4.8-5% from yourself rather than 8+ from the bank right now. (Had a business client loan his business $250k for equipment purchases from his life policy a few months back at 5%...bank wanted 9%...saved himself tens of thousands of dollars)
4) in the event you were to have some sort of life threatening chronic or terminal illness (cancer, dementia, etc) you can access the death benefit while you're still alive to pay for medical care rather than have to use assets
5) It can't be taken in a lawsuit. OJ has a shit ton of money because much of his estate was in life insurance.
...In reality, once you are retirement age it more or less becomes asset insurance. You protect your assets, your nest egg, via the benefits of the policy. The cash value of the policy is yours to use freely, when there's cash available.
It's not for everyone, but it can BE A PIECE OF A WELL ROUNDED STRATEGY. It is not the only strategy, nor is being completely dependant upon the market and hoping for permanently good health and timing your exit from the workforce just right.