Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Sep 15, 2020

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The policyholder can use the cash value while continuing the insurance protection of the policy by taking a policy loan. The interest rate is specified in the insurance policy. The policyholder may pay the yearly interest and make payments in any desired amount to reduce the loan principal. The policyholder is not required to repay the loan, but if he or she fails to pay the interest, it will be subtracted from the remaining cash value as long as enough cash value remains in the policy.