Anyone who has a family or children who are financially dependent on them should have life insurance. Life for your family without the income of the main earner would be very different and can be made a lot easier with a bit of planning. In addition, the cost of life cover has come down in recent years, as medical care improves and people live longer. Firstly, there are term insurance policies, which are designed to provide a level of life cover or critical illness cover over a set period of time. They are usually the least expensive. Secondly, there are whole of life policies.
These will usually run continually until death, as long as you continue to pay the premiums, and therefore are guaranteed to pay out. After a few years they attain a surrender value so that they can be cashed and a proportion of the premiums returned.