Which option allows the policyowner to receive funds from the policy while still maintaining coverage?

The policy loan option allows the policyowner to borrow against the cash value of their insurance policy while still maintaining the coverage. This feature is particularly beneficial because it provides access to funds without needing to surrender the policy. The amount borrowed will accrue interest, and any outstanding loan balance will be deducted from the death benefit if not repaid, but it allows policyholders to have liquidity without losing their insurance protection.

In contrast, cash surrender value involves completely terminating the policy to access the cash value, which results in losing coverage. Partial withdrawal allows the insured to take out a portion of the policy's cash value, but it may impact the death benefit and typically is not available with all types of policies. An automatic premium loan is a mechanism that ensures the policy stays in force by using the cash value to pay overdue premiums, but it does not provide funds for personal use. Therefore, a policy loan is the only option that allows access to funds while keeping the policy active, making it the most advantageous choice for policyowners needing liquidity.