There is really no discussion to be had. The default answer is yes, if you are a responsible person – frum Jew or no – you should have life insurance sufficient to cover the needs of your dependents (including spouses and/or dependent parents as the situation applies). There is no logical argument to be made any other way.
The only reason you would answer no is if you have a specific psak telling you not to have life insurance (as has been recounted by one poster in the CR that I can recall). In this case, follow the psak not to have insurance. Otherwise, see the above.
Some people have a budgetary issue, which is an entirely different story. Programs exist – such as the TU campaign to buy insurance for Rebbeim – which are designed to help those who can’t afford insurance. Because it is that important to have that it transcends affordability.