You can borrow against the policy's cash value while keeping the insurance in force. Because it is a loan, the money is not taxed. Any loan outstanding when you die is automatically deducted from the proceeds of the policy. You can collect the entire cash value by surrendering the policy and terminating your insurance coverage. The payment is tax-free, up to the amount you paid in premiums over the years.
Any excess is taxable.
Because commissions and fees take such a large bite out of your cash value during the first few years, you need to keep funding a policy for at least 10 years in order for your investment to pay off. One last thought considering life insurance. I know you want to pay a low price for your coverage, but do not base your decision on price alone. The reputation of the company is important also. Also, look for a company with a wide array of plan choices so you can fit the plan to your needs instead of the other way around.