In some cases, you may decide that VUL life insurance is no longer suitable. Before surrendering the policy outright, consider:

• Policy Age: If surrender charges still apply, the cost of exiting may be steep. Waiting until the surrender charge schedule phases out might save you money.
• 1035 Exchange Possibility: If you want to switch to a different policy or annuity, explore whether a tax-free exchange is an option in your jurisdiction.
• Partial Surrenders: If you only need to reduce your coverage or withdraw some funds, partial surrenders or face amount reductions might be less punitive than a full surrender.
• Loans vs. Withdrawals: If you want to tap the policy’s value but not abandon coverage, a policy loan could be a middle path, though it entails repayment and interest considerations.

Essentially, you want to weigh exit costs against the benefits of continuing. In some instances, it might be better to keep the policy afloat—especially if you still need permanent coverage—while making strategic changes to subaccounts, riders, or premium funding.