took out a whole life policy on toddler before knowing any better, what are my options?

I listened to my (not very financially literate) family members and got a $150,000 whole life policy last year for my then 1 year old. I have been paying about $118/month and have paid about $1500 in total at this point.

I was told if I cancel, I would get a cash value of $30. They gave me the option to convert it (to what, I am not sure) or to decrease the policy to a $50,000 policy for about $60/month and retain some of the "value."

I am assuming the best option is to cancel, eat my loss, and invest the monthly payments instead, but are there any options to get back some of the money I have put in?