Should I Sell My Life Insurance Policy?

I'm trying to decide whether or not to sell a variable life insurance policy that I've had for quite a while. I've already tapped the cash value several times in the years since my surgery and period of unemployment, but it still has some cash value left. I'm not making the monthly payments any more, so the unpaid premiums are eating away at what little balance is left.

I know that term life insurance is lots cheaper, and I do already have another term policy. My only concern is that I might have to pay taxes on the money I've taken out. I need to do some research about that. ~ Mary