1) Cash Value Accumulation: Some types of life insurance, such as whole life or universal life, build cash value over time. This means that a portion of the premiums you pay goes towards an investment component that grows tax-deferred. You can borrow against this cash value or even surrender the policy for its cash value if you need funds for emergencies, education, or other expenses.

2) Supplementing Retirement Income: Life insurance policies with cash value accumulation can be used to supplement your retirement income. As the cash value grows, you can withdraw or take loans against it during retirement to supplement your pension, Social Security, or other retirement savings. This can provide you with additional financial security and flexibility.

3) Tax Advantages: The cash value growth in certain types of life insurance policies is tax-deferred. It means you don't pay taxes on the growth as long as the policy remains in force. Additionally, the death benefit is generally received income tax-free by your beneficiaries. Utilizing life insurance as part of your overall financial strategy can offer potential tax advantages.

4) Business Planning: Life insurance can play a vital role in business planning. If you're a business owner, you can use life insurance to fund a buy-sell agreement, where the policy proceeds are used to buy out a deceased partner's share of the business. It ensures a smooth transition and financial stability for the surviving business owners.

5) Estate Planning: Life insurance can also be an effective tool for estate planning. It can help cover estate taxes and other liabilities, ensuring that your heirs receive the full value of your estate. Life insurance proceeds can also provide an inheritance to your loved ones without going through probate, which can be a time-consuming and costly process.

6)  Living Benefits: Life insurance is not only about protecting your loved ones financially in the event of your passing; but can also provide various benefits during your lifetime. You can utilize the living benefits of a life insurance policy and still have a death benefit. It's important to consult with a financial advisor or insurance professional to understand the specific features and benefits of different life insurance policies based on your needs and goals.