Can I Borrow On My Life Insurance? 
If you have some form of Permanent Life Insurance such as traditional Whole Life , come form of Universal Life or a Variable Life product to name a few examples , then these are products that not only provide a death benefit when you die , but also build cash value so long as you live and pay the premium . If you have a form of permanent coverage then , you may depending on the specific terms and conditions of your policy , be able to borrow from that accumulated cash . Remember a couple of key things about this . The Insurance Company will begin to charge interest on the amount borrowed so paying it back sooner rather than later protects the integrity of the plan much better . Further , if you die with an outstanding loan balance , the balance will be subtracted from the death benefit paid to your beneficiary . 