u/Ok_Common4969

Edit: I have Universal life not whole life insurance and I appreciate all that have commented with info, advice, and things for me to consider for when I talk with the company about options.

I acquired a whole life insurance policy 5 years ago before I knew anything about anything (I still dont know much but reading and learning) trusting the advice of a "friend of a friend" that this was to provide death benefits as well as a **wealth building tool**. Im paying 400 a month for 500k. I dont necessarily need the life insurance as I have SBP for my spouse and he also is retired military and has his own pension and VA disability to cover expenses if i were to pass. My current total cash value in the policy is 16k. Should I

1. Pay the surrender charge of 7k and take the net cash out and invest that along with the 400 a month
2. See if a reduced paid up option is doable
3. Let it ride and keep paying the 400 a month for a guaranteed 500k to dependents upon death.

I am 45 years old.

I acquired a whole life insurance policy 5 years ago before I knew anything about anything (I still dont know much but reading and learning) trusting the advice of a "friend of a friend" that this was to provide death benefits as well as a wealth building tool. Im paying 400 a month for 500k. I dont necessarily need the life insurance as I have SBP for my spouse and he also is retired military and has his own pension and VA disability to cover expenses if i were to pass. My current total cash value in the policy is 16k. Should I

1. Pay the surrender charge of 7k and take the net cash out and invest that along with the 400 a month

2. See if a reduced paid up option is doable

3. Let it ride and keep paying the 400 a month for a guaranteed 500k to dependents upon death.

I am 45 years old.