can a person make a loan in order to purchase a life insurance policy

Yes. I have never heard of an insurer validate the initial funds when
it hads to apy.

Not a professional advice. I would still consult  a lawyer.

Cemboko is correct, as long as you have the money, the insurer is
happy to take it from you.

I would question the financial saviness involved in the transaction,
and I will throw this out there just in case you're expecting to die
for some reason:

- Almost all life insurance policies have a suicide clause that says
they pay nothing in the first 2 or 3 years (sometimes longer) if the
death is caused by suicide...
- Most policies also require you to tell them about any pre-existing
conditions before they give you the policy, then if they find out
later that you failed to mention something that gives them a reason
not to pay your death benefit.