Also, those who desire to take out life insurance on you have to justify the amount of life insurance they are purchasing on your life, define their relationship to you and establish an insurable interest as your beneficiary.
Life insurance is for beneficiary protection from economic loss in the event of your untimely death.
The person buying life insurance on your life will need you to give consent, sign the application, answer some health questions, and you may need to take a medical exam to find out if you qualify for life insurance coverage.
Usually, the person purchasing the life insurance on you would be the owner of the policy, pay the premiums, and be named as the beneficiary of the life insurance policy.
Here is a helpful article that explains who can you insure for life insurance?