Cut off life and medical insurance to save money for investing?

[Svetlana Kleinhenz]

We are trying to find the way to reduce our family expenses and start saving for real estate investing. The biggest expense for us is insurance. What do you think, would it be smart to stop spending about $300 per month on life insurance and $556 on medical insurance, and put these money directly to retirement account? It will be tax-free money, which we could use for real estate through self-direct retirement account. Or not?

It does not make sense for me to pay $6,672 per year for a medical insurance, because we have $3,000 deductible, and usually end up paying for doctors from our pocket anyway. Do you think it is really necessary to have medical insurance? Does anybody have an experience of living without medical insurance?

Another pain is life insurance. We are a family of three with a 4 year old child. All three of us have two life insurances. Totally we spend $3600 per year on life insurance, which does not look as a good investment at all. Am I right? How many of you, guys, have life insurance?

In my mind putting $10,000 a year on the retirement account and using this money for real estate investment is a much better idea than paying for insurance. But may be I do not know this system very well because I am new to the USA. Could you give me some advice, please?