Financially, this sounds very similar to whole life insurance. Conceptually, you pay premiums over time, and the policy builds in value (as opposed to term life insurance, which does not build equity). At any time, you can borrow against the value of the policy (i.e. to pay medical expenses). Eventually, the policy matures and can simply be cashed in.

If that financial instrument would fulfill the described purpose, then great. But when I went shopping for that product, it was incredibly expensive. I pay ~$1500 for term life insurance, and I think that life insurance that built value was about an order of magnitude more expensive.