What to do with a whole life insurance policy

[Chris Yeung]

My parents bought this for me many years ago. I'm in the process of transferring ownership to me. The cash value currently is around 24K. The death benefit is only 100,000. I know I can borrow against the cash value, but I want to wait until I have more cash in the bank to get into syndications (which usually requires at least 50K). 

What can I do in the meantime with this policy?

Also, is there a way to increase the death benefit?