Your policy may gain cash value over time. Although a heavily advertised aspect of whole life insurance, the actual value may be quite low in proportion to the policy size. Many policies allow you to borrow against the cash value of your policy at interest. If you don’t pay the borrowed amount and the interest back, this debt will be deducted from the death benefit that your beneficiary receives. Cash value is only available while you are alive and does not add to the death benefit.