Can you borrow from some life insurance?
That depends on the type of life insurance policy. If you have a term life insurance policy - No.
If you have a cash value policy, such as permanent life insurance, Yes. But only if you have cash value in the life insurance policy and you can only borrow up to 80% of the cash value depending on the life insurance company.
Any cash value taken out of a life insurance policy is a loan, and you agree to pay back the loan with interest to your life insurance policy.
If you do not pay back the loan, the amount of life insurance provided by the policy may be reduced in part by the amount of money owed from your loan.
Permanent life insurance provides lifetime coverage, has a guaranteed level rate, and may build up cash value inside the policy over time, usually after you have been insured for at least 3-5 years.
Here's how you can learn more about how permanent life insurance works and request your free life insurance rate quotes online.