Who Can Afford Whole Life Insurance? 
A person with a fixed income or a person who is employed -LRB- in the ideal world -RRB- can usually afford whole life insurance . The premium -LRB- payments for the insurance -RRB- are based on a number of factors including : Amount of insurance coverage Age Gender Health status Income , etc. . The rule of thumb , at least in my insurance training , is that you should not pay more than 6 % of your monthly or annual income for life insurance . If you can afford to give up 6 % , then you should be fine . Your life insurance agent should discuss with you all these things before writing a policy on you . 