The anniversary statement shows the loan rate went from 5% to 6.5%, and you're carrying $30,000 against the policy. That's $450 more interest this year on the same balance. On a variable-rate loan the reset usually happens once a year, tied to a published bond yield index. It moves whichever way the bond market went. It's in the contract.
Move one, and the cheapest: pay the interest in cash before the anniversary rather than letting it capitalize. On $30,000 at 6.5% that's about $1,950 a year, and paying it keeps the balance from compounding at the new rate.
Move two: pay down principal with whatever surplus the budget has, in the order that matches your other debts. A policy loan at 6.5% now sits above some HELOCs and below every credit card, so re-rank it in the payoff order. On a non-direct-recognition whole life contract the cash value backing the loan is still earning the full dividend. So the true cost is the spread between the loan rate and what the cash value is crediting, and that spread widened by a point and a half.
Move three: ask the carrier about the fixed-rate option. Many contracts let the owner switch an outstanding loan from variable to fixed. Sometimes only once, and sometimes only on an anniversary. The fixed rate is usually higher than the variable rate was in the cheap years and lower than where variable can go in the expensive ones. On a direct-recognition contract, the switch may also change how the loaned portion is credited, so ask for both numbers before you elect it. How the two structures differ is in fixed or variable: the two ways policy loans charge interest.
Move four, the last resort: refinance the loan somewhere cheaper. If a HELOC is open at a lower rate and you have the room, move the balance there and repay the policy loan. That restores the policy's full cash value and stops the interest. Be careful with this one, though. The HELOC has a required payment and can be reduced by the bank, and you've traded a loan that can't be called for one that can. It only makes sense when the rate gap is wide and the HELOC balance stays well under the limit.
What I wouldn't do is nothing. A point-and-a-half increase on a loan you're not paying interest on turns into a bigger loan every anniversary. And a policy loan that outgrows its cash value ends the policy and produces a tax bill on the gains. An outstanding loan lowers what the policy pays at death and what's left to borrow, and dividends aren't guaranteed. Run the new interest number, pick a move, and put it on the ledger with the rate it's now carrying.