There is a man not far from me that advertises on the local buy and sell radio program on all the Life magazines he has. He says if you want a certain issue such as a birthday gift of a Life magazine for the week/year they were born, to call him. He has a HUGE stockpile of old Life magazines going all the way back. His price is less than $10 per issue.
I have seen many copies in antique stores over the years and basically the y sit there wanting. Unless someone is looking for a specific issue for some specific reason, I think the value per copy is less than $5. Most people want old magazines for the advertising it carries. I do not think Life is highly sought after.
The first issue may be worth some more money but after that, I do not think so. Too many were printed and too many were saved.