In general, the most common selection as to who will be the beneficiary of a life insurance policy would be:
1. Insured's spouse, or
2. Insured's child/children
Because the life insurance is being used for family protection purposes, a family member is usually chosen as the beneficiary.
However, If you're using a trust, the trust will generally be the owner and beneficiary of the life insurance policy.
If the life insurance policy is being used as part of a buy-sell agreement or a key-man life insurance policy for business purposes, then the other executive or business partner will likely be the beneficiary of the life insurance.
Learn more about beneficiaries to life insurance policies.