Can you borrow from a whole life insurance policy?

A whole life insurance policy is a type of insurance policy that accumulates a cash value as you pay into it. Your policy's cash value can grow based on the returns of the investments as well. If you ever need access to the money, you can cash out your policy, or you can also borrow money from it. Most life insurance policies allow you to take a policy loan on the cash value of your policy. Generally, you will have a maximum amount of the cash value that you can borrow, and you will have to pay it back with interest.

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