Need some help with IUL

So I bought an IUL in my mid 20s. At that time, I wanted a life insurance that covers my mortgage (300k). The cash value option looked good to me at that time seeing how much it would accumulate by the time I am in my 60s.

The terms were I paid 500/mo for 10 years, then I don’t have to pay anymore and would have the death benefit (300k) + whatever that cash value it accumulated.

The 10 years were around the pandemic and I haven’t paid in a few years.

Now that I am older and know a little bit more about the market (I have a little over 400k invested in different vehicles), I can see that the money growing here vs. my other investments is lagging. I’ve put in 60k over 10 years and has only grown by 9k.

I thinking of pulling out the cash value, reinvesting into something stable like VTSAX or VOO.

I’m turning 40 this year and now really ramping up saving for retirement.

Is this the right thing to do? I am thinking of ending this policy and just getting a 1 million 20 year term for about 60/mo. The cash value would be reinvested back to the market.

Seeing as there is no surrender charge, I am only going to get taxed on the 9k it earned right?

Anything else to look at?

Thanks all!