<prompt> Human: Im 26, single, have one dependent a parent. Started it in 2009 with first annual payment was in 2009 of 1360. Insurance company is one of the largest around.The policy says it is traditional life insurance. It covers up till age 100. I only have to pay for 20 years.Every year the policy goes up by 5. 2009 to 2013 6 payments total Ive paid so far is 9240. The policy has accumulated dividendssavings of 550, which Im available to withdraw at any time without penalty. I dont have to pay the increased premium, I could pay the same amount as the previous years premium but then the coverage will be the same as the previous year.They said If I cancel the plan, I will only be available to cash out 2060 plus dividends of 550, together equals 2610 the policy value.To sum up, Ive totally paid 9240. My next premium payment is 1830. The coverage is 154k. The current cash out value is 2610.After seeing the very low cash out amount, I dont know what to do that is 6,630 wasted if I cash out.  <response>: After seeing the very low cash out amount, I dont know what to do that is 6,630 wasted if I cash out.Sunk cost fallacy alert. Youve already spent the 6630 and wont get it back. It should not be a factor in your decision.You clearly have a need for life insurance, but the premiums you are paying suggest you have permanent life insurance. Permanent life insurance products are expensive and are generally sold, not bought. A term policy should get you sufficient coverage for probably 110th the price.I would cancel it. The money you get back out of the policy will likely pay for a term policys premium for 8-10 years. If the term of the policy you choose matches the life expectancy of your dependent parent, that should serve your needs nicely. 