The most common and most likely answer to this crossword clue is the 1 plus 4 plus 2 plus 8 letter word A BOWL OF CHERRIES
I've seen this crossword clue in The Daily Telegraph
A
B
O
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L
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C
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More clues leading to the result A BOWL OF CHERRIES
Buddy explains!

The straight part
We know that "what life could be" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case what life could be = a bowl of cherries.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.