Life Insurance - Who should buy insurance?

a. If you are dependent on someone's income, that income needs to be protected. Hence, the income provider should be insured.
b. Anything that can stop that income from coming in should be insured.
c. Certain eventualities of life should be insured. For example, we don't know when we will fall sick. Ask yourself, if I fall sick, do I want to use my own money to take care of my bills, or do I want someone else (an insurance company) to take care of it for me?
d. If you want to retire, there will be a point when you say, "That's enough, I've had enough or I can not work anymore. At that time, you want to make sure that you still have a source of income that keeps you going for the rest of your life.

So who should buy insurance? Almost everyone.

There are good risks like businesses, investing, etc. There bad risks like loss of the breadwinner, loss of a loved one, falling sick, etc. The bad risks are the ones you want to pass on to your insurance company to manage.