Can I Borrow On My Life Insurance? 
This is a major reason people choose Whole Life over Term . You can not borrow against Term Life Insurance . It builds no cash value and ends at the end of the stated term . With Whole Life , you build cash value , which accumulates over time and never changes its premium . If you need the cash , for any reason , you can borrow against it , with a small interest charge , and , if you choose , never pay it back . The amount then is taken from the Death Benefit . There is no income tax payable for the money you take out of your policy for this loan . Thank you . GARY LANE . 