You may borrow against your cash value funds at any time, for any reason, although doing so may reduce the death benefit available to your survivors if the loan is not repaid before your death.
You can make withdrawals from the cash value account of some policies, although this will reduce your level of life insurance benefit.
- See more at: http://www.360financialliteracy.org/Topics/Insurance/Life-Insurance/Advantages-and-disadvantages-of-cash-value-insurance#.dpuf