Paid up whole life policy

Someone asked me about their policy, and I wasn't sure which could possibly generate the best return for them. I'm trying to see if I'm thinking about this right, so this is mostly a hypothetical.

Situation: A whole life policy that is completely paid up (no more premiums)

Option 1: Cancel policy and take out cash value to invest in etfs - after 15 years, this is kindof a wash for the numbers I'm playing with. > 15 years and the market beats it, <15 years and the policy wins (but only for the death benefit).

Option 2: Leave it how it is.

Option 3: Take out entire cash value in loan with 6% interest. Invest in etf with expected 10% return. Pay interest only on loan. Make ~4% profit over 15 years while maintaining the death benefit. Take on serious amount of risk if the market tanks.