Which option allows a policy owner to maintain coverage by borrowing against the policy in a whole life insurance policy?

The option that allows a policy owner to maintain coverage by borrowing against the policy in a whole life insurance policy is the automatic premium loan. This feature enables policyholders to automatically borrow against the cash value of their policy to cover premium payments if they have not been paid by the due date.

In a whole life insurance policy, there is a cash value that accumulates over time. If a policyholder is unable to pay their premium, the insurer can use this cash value to automatically cover the premium, thus preventing the policy from lapsing. The loan is typically added to the policy's outstanding amount and will incur interest, but it keeps the coverage intact without the need for immediate cash outlays from the policy owner.

This feature is particularly beneficial for long-term policyholders who want to ensure their insurance remains in force even during financial difficulties. It allows them to avoid losing coverage due to missed payments while still utilizing the value that has built up in their policy.