What are the benefits of cash flow banking?

Some proponents of Cash Flow Banking claim the following benefits:

1. Tax advantages: Policy loans are often tax-free, as they are considered withdrawals of the policy’s basis (premiums paid) rather than taxable income.
2. Guaranteed growth: The cash value in a whole-life policy typically grows at a guaranteed rate, providing stable and predictable growth over time.
3. Access to liquidity: Policyholders can access funds through policy loans without going through traditional banks or credit checks.
4. Asset protection: In some jurisdictions, life insurance policies offer creditor protection, meaning the cash value may be safeguarded from certain legal claims.