One unique feature of life insurance is that it has a built-in provision for creditor protection. This means that the money (cash value) within a life insurance policy is supposed to remain free of claim from any creditors should something unforeseen happen to you. In most cases, if you wish to take advantage of the potential creditor protection, you should look into assigning a direct family member (parent, spouse, child or grandchild) as the beneficiary.
Note that if the beneficiary is a corporation, then the policy is not protected from creditors in the event of bankruptcy.
Also please be aware that this creditor protection has been challenged more and more recently in courts and any amounts deposited within 12 months of a creditor claim will likely not be protected. At least, rest assured that a creditor must prove their claim and why they should access your insurance values as opposed to the onus being on you to prove that they should be free of creditor claims.
If creditor protection is important to you and your situation, please consult your advisor about your unique circumstances to ensure that you get the most out of the creditor protection that a Whole Life insurance policy may provide.