My employer offers a cash accumulation fund alongside my group life insurance, with monthly contributions of up to $300. The interest rate is above most regular savings accounts, and like all cash accumulation funds, it is tax deferred and pretty liquid.
With all that in mind, I'm wondering if there would be any drawbacks of using the cash accumulation fund as part of my emergency savings (or, after several years, maybe even be all of my emergency savings), since it is relatively safe and yields good returns.