How Much Should I Spend On Life Insurance? 
How much ya got ? ;-RRB- Actually that is a good question as insurance only works is if it is in force when you need it and keeping it in force requires you to spend money on it . While you may have several choices put in front of you by an agent , focus on what you can do and keep doing consistently . Cover your obligations first , then see what you can do . For example a young person without much debt or even a family might want to consider purchasing a Whole Life policy as a starter plan . The reason ? The price will NEVER go up and the policy will build up cash values and death benefit -LRB- mutual company -RRB- over time , and once you have it they -LRB- insurance company -RRB- ca n't take it back , charge you more or change the policy . It 's yours and you own it . While that might not be important at 25 , it sure is at 55 with health issues and a mortgage . Consider the purchase to similar to buying raw land . You purchase it as a young person and let it develop over time . The only difference lately , with a whole life , ya ca n't go backwards . 