Unlike most products, life insurance is surprisingly inexpensive for most people. I hate to see young people postpone buying life insurance until they can afford a “decent” amount. The most important time to buy life insurance is when parents have young children. It is very affordable to buy just a 15-year term for $500,000 for each spouse. You can always upgrade by purchasing a longer term policy and/or a higher face amount at a later time.
I have personally witnessed two fairly young people put off buying life insurance.