What to do with current Whole Life policies?

Both my wife and I (30 y/o) have separate "whole life" policies that we've had set up for us by family since we were children.

Life insurance has been one of those areas that I've admittedly been ignorant on for my entire life, but I've read enough to know term policies are often superior to whole life.

My Policy: $121,000 death benefit ($66/mo premium). Premium is paid from my checking account.

Wife's Policy: $75,000 death benefit ($57/mo premium) which is paid with accumulated cash value, and can continue to be, full term.

-What are your recommendations on how to handle these whole life policies, knowing that I'd like to fully switch over to term policies? (Convert, cash out, hold, etc.?)

-Do I just keep my wife's since her policy is completely self sustaining for premiums at this point?

-What would be the best way to deal with my policy, which still has its premium being paid out of personal checking account?

Thanks All

submitted by /u/Ok_Percentage_3527
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