Using a cash value policy is a way to save money but it is probably not the best way. If you have difficulty staying away from your savings account, then by all means, invest extra into this policy for extra savings. But if you can manage your money easily, take advantage of different investment and savings policies that can generate a higher return for you. You will always come out ahead if you keep your savings separate from your life insurance.
While people actually do accumulate savings in their life insurance policies, this is more of a benefit for your beneficiaries than a savings plan. There are many disadvantages to using this as your only savings program.
You will have to pay premiums for several years before you even begin to accumulate cash in your life insurance policy. During this same period, you could have been saving it in an interest bearing account or investing into the market. Relying on your policy only as a way to save money could take several years to generate even the smallest amount of cash.