My parents made me a variable? life insurance policy 29 years ago – should I surrender it?

Hey everyone. Sorry in advance if what I say doesn’t make sense – I just recently got into this whole financial world so I don’t really understand much.

Essentially, I found out a few days ago that my parents made me what I think is a variable life insurance policy soon after I was born, around 29 years ago. It’s with Equitable and the plan is called “Flexible Premium Variable Life Insurance Incentive Life Protect”.

The Death benefit/face amount is $97,500. After logging in to the online account, it shows that the total payments made so far was $8650, and the cash surrender value is $7750 – over the years my parents took a bit of the money out during financial hard times. There is also a living benefit rider on it. My parents pay $150 every 3 months for this plan still.

I was wondering what I should do with this – some quick research told me that I don’t need a life insurance policy at my age and without any kids, as I have no one dependent on me. My original plan was to surrender this plan and just use that $7750 to put into my tax brokerage account and invest it in index funds. But, I read a few posts on here that were telling other people that it might be worth it to keep it, but honestly I didn’t really understand too much of it.

Can anyone help me out with this at all? Any advice would be appreciated. Should I keep the policy? Should I surrender the policy and invest it in an index fund? Thank you!