Can You Take Money Out Of A Whole Life Insurance Policy? 
Yes , if there is enough of a cash value in your whole life policy you can take out money . The first 5 to 7 years usually pay for the cost of insurance in a whole life . Normally you will see a cash value after those years pass . It is better to borrow the money than to cash it out . As Peggy pointed out it keeps the face amount intact . Also , you may borrow the money tax free where as if you cash it out you will pay taxes on your gains . 