I inherited this whole life policy that was paid on for 30 years. Is there some value to it that I’m missing or should I cash it out?

I'm 37, healthy, and have a healthy income, savings, HSA, 401K, and IRAs. No debt except a 2.875% mortgage and a 0.9% APR car payment.

I have a 25-year term policy for $2.5 million that I bought 2 years ago that costs me $1,369/year.

Then there is this Sun Life policy that was purchased on me when I was 7; I've seen it described as whole, permanent, and universal. The premium on it is $45/month ($540/year) and it has a base face amount and/or base coverage death benefit of $125,644, a loan interest rate of 5.65% if I want to borrow against it, and a base policy cash value / net cash value of $22,095.

I became the policy owner on the death of my parent.

From my perspective, I should surrender the policy and invest the cash. My logic is:

$16K in premiums paid and $22K cash value is like 1.X% growth per year. The death benefit is 5% of my term policy but at 40% of the cost.

Is there some value to this I'm not seeing or some reason it makes sense to keep?

submitted by /u/Important-Duck-5905
[comments]