Surrendering whole life

Hi,

Looking for some advice – navigating a whole life insurance product for the first time. My in laws got convinced into buying a whole life insurance policy for my wife years before we got married. As I’m reading more about this I realized it was a terrible investment so looking to get out of it. Here are the numbers. Is my calculation of “stupid tax” correct?

Policy Date (assume that’s the start date): Jan 1, 2011 Face amount: $1 million Death benefit: $1,073,676 Annual premium: $7,325 Total premiums paid: $102,550 ($7,325 x 13 years)

Cash value: $88,496 Cash surrender value: $108,356

Is the stupid tax effectively around $14K (88K – 102K)?
Or should I be deducting from the full surrender value in which case we would have a gain of $6K ($108K-102K)?

Few more details:

The way it was set up it looks like dividends being generated from the investment portion are being reinvested to grow the cash value.

I modeled it out in the online portal and it doesn’t look like there are any fees being charged to surrender the policy.

Am I thinking about this the correct way? Would appreciate any suggestions on whether we should move to another vehicle (vs. taking it all out and sticking it in VOO or VTI).

Thanks