Surrendering a Irrevocable Life Insurance

My Grandmother took out a Irrevocable Life Insurance Policy 20 years ago in my name. The policy would be worth $10K once I turn 30. Now that I am 30 I would like to cash the policy out to use it for other investments and to pay down debt. I would like to know what taxes would be owed and how much? I know Federal Taxes would be owed, but what about state and local taxes? The details are below.

Single Paid Premium $5,600
Cash Surrender Value $11,000
Loans - None
Surrender Charges - None
Federal Taxes Owed ?
State Taxes Owed ?
Local Taxes Owed ?

One other question. Are the taxes based on the all the premiums paid (including yearly premiums) or just the initial single premium?

All premiums paid count as your cost basis and are returned tax free.