Can You Take Money Out Of A Term Life Insurance Policy? 
No . Term life insurance is the equivalent of `` renting '' life insurance and , just like when renting a house , at the end of the contract term you have accrued no ownership interest or monetary value in a term life insurance policy . In order to build up cash value in a policy or to take out loans on a policy you will want to own a permanent life insurance policy of which there are two broad categories ; Whole and Universal life insurance policies . There are many variations on these themes but the ability to accumulate cash value is an essential feature of either policy family type . 