+1 on what Young Native says about getting a frenuloplasty.
If you're otherwise happy with your foreskin and want to keep it, and you already said you're frenulum is sensitive, your first step (other then stretching your frenulum) would be a frenuloplasty. This will allow you to keep your frenulum intact and will lengthen it (which is your root issue) to prevent the tearing due to overstretching during use and you'll have an otherwise functioning intact penis.
Here is one example of a frenuloplasty:
Tying Up the Frenulum
You can see how the frenulum is tied off and lengthened in the process. This man is already cut but had an full frenulum which was short. When its done it looks natural and you can hardly tell there was a problem.
You could have it completely removed but thats probably drastic for the first step as would be a full circumcision. If you choose to have your frenulum removed, it would never again be as sensitive as before. Lengthening it will correct the problem and allow you to continue to enjoy your natural cock for a long time. If for some reason there is still a problem, you can always have it removed completely.
Have you seen a doctor yet? If a doctor tells you that you need to be circumcised or have the frenulum removed as the first step get a second opinion. Honestly, your first step should be to practice gently stretching your frenulum in the shower and using vitamin E cream on your cock to help with the stretching. If that doesn't work after a reasonable time, you should talk to a doctor.
A frenuloplasty should also be covered if you have medical insurance since you have a legit medical problem (the skin is tearing).
I really wouldn't advise cutting the frenulum when a frenuloplasty is possible, unless you want it cut for reason.