3 Years Into my VUL Policy.

Hi folks. I’m a 40 yr old male. Total compensation is around $290k. In 2021 my FA sold me on a WL VUL policy through Lincoln. The policy death benefit is 600k and the current CV is around 11k. I’ve been putting $450 a month into the policy. I’m putting a large chunk of income in my employer sponsored 401k, and roll over all my old 401k’s into my IRA when I leave an employer bc I make too much to contribute regularly to it. Additionally, I have a non-qualified brokerage acct that I also invest in monthly.

As far as I understand it, the policy has the following components: Death benefit, Cash Value (investments), long-term care rider, & critical illness coverage rider.

I’m just trying to see if this makes sense for me to hold on to. Mainly because I’m still in the surrender period and would effectively lose the entire cash value if I cancel the policy now or in the next 7 yrs.

I wont be having kids and highly doubt I’ll ever get married, but the worst case scenario is that I might have ONE person dependent on my income when I die. The death benefit isn’t as important to me as the critical illness and LTC rider, but it seems using these VUL policies as investment vehicles isn’t really the best financial move.

Should I lower my policy to only cover the premium and stop using the investment component? Or look for a Term Life policy with LTC & Critical Illness rider (if that is even a thing?)

Thanks