Life Assurance is used primarily to provide money for people who financially depend on you.
If there is no one who will be financially distressed by your death, life assurance is probably not essential, though there are other reasons why it would be useful.
The following are all situations that may require the use of life assurance.
If the house is to be lived in by your partner or children then it is normal practice to ensure that the mortgage is cleared on death.
Money for dependants
If you have financially dependant children then money will help provide for them, perhaps by allowing the surviving partner to stay at home or work part time for some years.
Banks and creditors get worried when key people die. Credit lines get shortened or even pulled, often with fatal consequences for the business. If you are a key person your business could insure you to provide cash flow to settle all debts and recruit a new person.
Business partners and co-directors
If you die you hope that your colleagues will pay a fair value for your share of the business, but they can only do this if the funds are available. Assurance can be used to provide this.