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Should I cancel my parents whole life insurance policy?

Ten years ago I bought life insurance for my parents and at the time being young and not familiar with my options, I simply chose a whole life insurance with a face value of $2000 for each, with a quarterly premium of $30 each. Now ten years later, I come to learn that whole life insurance isn't the wisest way to go. My question is...should I cancel it? and if I do, what will happen to the money I've already invested? Thanks to anyone who can provide me with some sort of information! @Ryanjw - Thanks for the information! @Mbrcatz - Thanks, my goal when I purchased the LI was to be able to pay for my parents funeral arrangements should they pass before I do. Having said that, as I previously stated, I bought the LI (10) years ago, when I was younger and not well informed, hence, why I bought a $2,000 policy. At the time, I thought $2,000 would be (if not enough) at least helpful to me, since I am an only child. Now, ten years later, I am more informed and I am trying to figure out whether I should continue it or if I am better off canceling it, taking whatever money I will get from it (if any) and putting in into a savings account in which at least it accrues interest and I can continue to add to it going forward. So that when the time comes (hopefully not for a very long time) I am (at least) financially prepared to deal with the situation.

Public Comments

1. it depends on the cash surrender value of your policy. This is the minimum amount that you can expect to get. You should be able to get more than this minimum, but less than the full death benefit on your policy. they will also deduct anything you owe them or loans you have acquired on the policy. You will also have to pay tax's on it depending on where you live, because its considered income. I would do a lot of research before you decide on weather you want do do this or not. You also can consult a financial advisor, that will know your state laws and help you out a lot more.
2. What was the GOAL of the life insurance? Life insurance is NOT NOT NOT an investment. It's a product, that you buy. Cash value on those polices, might be $100 each. So. Set the goal, pick the proper product (which might be a savings account!) and don't throw good money after bad. And if the GOAL is paying for a funeral, save your money. $2,000 won't pay for a funeral these days, so I have NO idea why you'd buy a policy for that little coverage, anyway.