Hey Bill, I pay 100 dollars a month on life insurance. I want to open an IRA account. I want to cancel my insurance plan and start an IRA using the money I put in my life insurance as a percentage of the IRA's contribution. Should I sacrifice the insurance for the IRA Account?
The answer to your question depends entirely on whether or not you have dependents who will need the proceeds of your life insurance to support themselves when you pass away. If you do have dependents who will need your insurance benefits, then you should probably not cancel your insurance plan.
However, if you do not have dependents, then the money you pay toward your life insurance plan may be better utilized in helping you build a retirement fund. Regardless of which category you fall into, I encourage you to consult with a professional financial planner to discuss the options available to you and what choice is the best for your financial circumstances.
I wish you the best of luck, and hope that the information I have provided helps you Find. Lean. Save.