Certain life insurance products (as well as certain arrangements like an irrevocable life insurance trust) can provide asset protection advantages.  For example, if you have a significant amount of cash that is not otherwise needed, and you also have the need for life insurance, a single premium whole life policy might be appropriate.  Cash that is simply sitting in a bank or money market account is not well protected from creditors.  A life insurance policy is going to have far greater protection.

I am certainly not recommending the purchase of any life insurance products without careful thought.  But life insurance can play a meaningful role in estate planning and asset protection planning.

In many jurisdictions (including Ohio), the cash value of life insurance is generally well protected from creditors.  The protection is not as high as that offered by a qualified retirement plan; but it is still very good.  And it is vastly better than assets held in a personal bank or brokerage account.