Whole life insurance is a type of permanent life insurance protection that builds a tax deferred cash value which you can borrow against . Your whole life insurance premiums stay level for life and in some instances the premiums can even reduce over time.
A portion of the premiums you pay build up the savings element of the policy and are invested by the insurance company. The interest rate return on your investment is added to the savings portion of the policy.
As long as the policy is in force, you may borrow against it as a policy loan at the current policy loan interest rate. Borrowed amounts reduce the death benefit and cash surrender value. If you choose to surrender the policy, these guaranteed cash values would be available to you.