Yes! The concept is to pay a base premium towards the whole life policy and then add 'life insurance dumps' of liquid cash - which allows almost immediate access to 100% of those funds. This life insurance is insurance that pays dividends, and it is not an investment - whether that be IUL, VUL, UL term, whole life or any other form of life insurance. One can borrow it against the policy, not borrow from the policy, allow repayment of the loan at a later date. If there are enough funds within the policy, one does not need to repay the loan and the policy will keep going. In fact, one can take the tax deductible asset (i.e. the HELOC) and turn it into tax-free growth through a whole life policy.