“...you can draw from the cash value without repaying or paying taxes...”
Not true. My father had to take a bit of money from his life insurance plan and paid a whopping big amount for taxes!
Then he bought the wrong policy or has a dunce for an agent. Please don’t say something is not true because your father’s agent made a mistake. There are three IRS guidelines, which if followed properly, allow tax free withdrawls including on the gain.