Should I keep my whole life policy? ($350 Ann. payment, $150k)

Backstory: My parents got these whole life policies for me and my sister when we were born. Mine is $350 locked-in payments till death with $150k payout on death. There is $9k in cash value and it is earning a very low rate of return. The total dividend payout is quite small (like only $2.5k in dividends total in 30 years). I can take a loan against it at 7%.

I have student loans right now accruing at 6-7% and I'd like to use the cash value on this. The insurance guy only ever says that I can't get a premium like this on any other policy. I have $300k life insurance coverage through my work and I know I could get cheap term insurance as I'm young. I get there may be value for potential future children upon my death but that is so far down the line and I could invest $350 a year and grow it to a sizable amount (while maintaining the liquidity). Is this policy that valuable and I should hold on to it until death?

submitted by /u/rcwilkin1993
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