How much should i allocate to insurance and investment, assuming i am a 21 year old uni student?

NOT more than 10% of your allowance etc part time work etc

If you only concentrate on term insurance plans, it should not cost more than 4% for your age. (unless you are looking at super high coverage of 1million.)

As a university student, there is no income to protect, etc etc, I find it hard to advice... because your allowance is meant to be for studies only.