If it is due to return the policy. It should be possible. Because such a policy will generally accumulate a high cash value, which belongs to an income that you will definitely get in the future and has the value of mortgage.

On the other hand, if it is not a policy that is due to be returned, but only has a fixed life or accidental injury, such a policy actually has no high cash value. If you don't take the risk, the policy is worthless, so it can't be used as collateral.