Whole life insurance (I’m sorry!)

Hi,

I am a 39 year old female who hired a financial advisor five years ago when I finally paid off my student loans (goodbye, $250k!). He convinced me to purchase a Mass Mutual whole life insurance policy, which, despite me being 34 and the time and in excellent health, costs me $20k a year in a premium. This is a 20-year pay in policy, and I’m 1/4 of the way through. It guarantees $1.1mm in a death benefit. I originally signed up for it because I thought I would have to take care of somebody in my family from whom I am now estranged. Basically, circumstances have changed.

I got married 2.5 years ago and my now-spouse tells me I got fleeced. Obviously every single personal finance forum on the Internet tells me the same thing. I was hesitating to even pay my premium this summer, but I did it. I don’t want to fall prey to the sunk cost fallacy. I’ve put in $100k in cash and the current cash value is $63k.

Do I take that big hit and cancel the policy? My spouse has been encouraging me to do so for the past couple of years, but I just wasn’t ready to feel like I got taken advantage of.

Thank you!