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.