There are a few benefits to this policy...
1. You may be able to increase the life insurance value in future, without a medical reassessment. Needs that endorsement, but that is great if you become uninsured in future and can't buy term insurance for some reason.
2. If the premiums end after, say 10 years, then you have an amount of life insurance prepaid, and this amount may be nice for liquidity for heirs before the remaining $'s come in or to pay income taxes on death, if that is important to you.
3. As you discovered, you can borrow against the cash value, and have fast access to the extra monies, but the interest tends to be high.
4. If you lose your job and are no longer part of the "group" this coverage does not automatically end. Most of us don't think to rush out and reacquire term insurance when we suddenly lose our employment.
That all said, if you are in decent health and do not expect to have trouble getting insurance, then this is super-expensive. The benefits are low. I would rather that you take the annual premium and buy group or individual term insurance that is not tied to your employer. Put the cash value into a fixed investment (if you are attracted to the security of a whole policy), or invest it....or put it into your spouse's name only, so it never is tied up with a possibly frozen joint bank account upon your death, etc.