Should I cancel whole life?

Bought a policy approx 20 years ago 400k death benefits. I've been paying $230 a month since. Got a bunch of dividends over the time which I spent on various things. I've gotten myself in cc debt recently so I took out the cash value and got loan of $50k on it at at 5% last week. I got a new job so I'm paying it back.Cheaper than what the cc company is charging(22%). The death benefit on it is $352k currently.

I also have another policy which is 15 years old, for 300k death benefits. I pay $300 a month. Current db is $242k on it as I also took out a loan against it same 5% 18k loan but still 12k cash value.

I am 42 years old now, married no child yet. Would I be better off just investing in an index fund putting the same amount of money in or is it too late to surrender both policies once I pay the loans back ofcourse. I bought them when I didn't really understand anything but given the age maybe its just best to leave it? Thanks in advance.

submitted by /u/discordingondiscord
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