How much should one spend on insurance based on their age group ?

The amount of coverage depends on a lot of factors, whether you are single or married, whether it is for income replacement or leaving a legacy, whether you are buying a term or whole life policy or simply whether you could afford. How much one should spend on insurance really depends on what you need at certain stage of your life. There is no clear cut answers.

Usually 10% is consider a reasonable guide to Budget your insurance premium. Like what Kenneth say, it also depend on your liabilities, if you do have Lot of liabilities, you will need to increase the %, usually Insurance Agent will do cashflow exercise with you to find the affordable budget. And for single man(John), he must also get his minimum coverage such as h&s and also term plan. In the event, sickness happen to him, all the problem will not go to him, but to his parent who suppose to retire.