In order to borrow money from your life insurance their must be some cash value inside the policy to borrow from.
Term life insurance has no cash value inside the policy, it is "Pure Protection".
However,
permanent life insurance may have cash value that grows inside the policy over time. Usually, it takes a few years for some cash value to build up in a permanent life insurance policy.
Your life insurance carrier may allow you to borrow up to 80% of the cash value in your policy. This is considered a loan, and you are required to pay it back to your life insurance company with interest.
If you do not pay back the loan it may affect the amount of life insurance coverage in your policy, and there may be tax consequences.
You can contact your life insurance company to inquire about how much cash value there is in your policy and h0ow much you may take out as a loan.
