Thoughts on what to do with my Whole Life Insurance Policy.

I’ve been scouring the web on what to do, and there have been some helpful posts, but nothing that fits perfectly for my circumstances. I know the smallest amount about insurance, which is why I’m seeking guidance. (Please no hate for my lack of knowledge on the subject).

Details:

I’m sorry for all of the following details. I may be oversharing, but wanted to provide as much as I could, in case they are needed.

I’m a 29 year old male. My parents purchased a $50k whole life policy for me in 2001, when I was 6 years old. The monthly premium is around $19 (Around $230 annually). The current cash value is around $4,600.

My wife (29F) and I just this year activated 20-year Term-Life policies, which will cover us until we’re 49 years old. Her work provides her with 1x her salary in life insurance and my company provides me with an additional 2x my salary in life insurance.

We both make decent money, but live somewhat frugally day to day, and just paid off our “starter home” house. We plan on building a house in the next few years, and “plan” on having it paid off a few years after building. We don’t have any debt (no car payments, mortgage, student loans, etc.). We have a fully funded emergency fund. We both contribute 15%, monthly, to retirement. We contribute monthly to our daughter’s 529 account.

I talked with my insurance agent and obviously he is against me canceling the policy. He said he does not make commission on the policy, but thinks it is still a huge benefit for later on in life.

I say all of this so that you can help determine if the whole life insurance is still needed. I understand $230 a year is pretty cheap. However, based on everything I mentioned, do we actually need it, or should I cash out the value, and put that annual $230 into investments/other items?