Benefits and issues of non-tenure track professor jobs in the US?

Right now I have a teaching staff position (STEM) in an R1 university in the US and my department is pushing me towards switching to a non-tenure track teaching professor position. They are treating it as a "promotion" but they are getting rid of my current job, I still need to apply to the new position (based on previous movement in my dept it will be a sort of fake candidate search, because they are already giving me work assuming that I'll get it ...), and would like me to teach more classes, so overall it is not as nice as it sounds. They would give me a ~20% salary increase but I'm not sure if it'll be worth it in terms of work-life balance or not. I wanted to ask from other people if they could share any potential benefits of being a non-tenure track professor. To be honest I once overheard one of them saying that they are not treated like "real" faculty by some ... on the other hand the job market sucks and I got a family to take care of. I really like teaching but I'm on the fence on whether to try to jump to industry so would appreciate perspectives. Ideally what I'll try to do is to see if I can get an offer elsewhere and use it as leverage ... but if it doesn't work, any tips on what to try to negotiate during the hiring for the new position?