Surrender my ILP?

ILPs usually have charges involved so before you make any decision, go through your policy again. I believe surrendering your ILP now would probably mean a lost to all the premiums you have paid so far.

Is the current $300/mth premium to taxing?

ILPs like what Hariz mentioned are flexible. Reducing premium/sum assured are options you should also consider.

You may want to ask your friend to explain to you on:

• charges involved from the investment
• how has the premium holiday affected your value
• is their an option to stop the premium and yet have the value grow
• is there a year where surrender the ILP do not incur any charges

You should look at the performance of the funds you're invested in and how active of a role has your advisor been to do rebalancing and fund monitoring.

The good thing is that ILPs are quite flexible. Instead of surrendering, you can see if you can reduce the premium or sum assured.

But you also have to ask yourself, if you stop this, what else are you going to do with 300 a month. And is it worth sinking 9k as opportunity cost.

It's never ideal to cancel any insurance product. So do check your options.