That is how most life insurance policies are issued.
The owner of the policy who pays the premiums is the same person whose life is insured by the life insurance policy.
The rate you are charged for your life insurance will depend on your age, gender, health, and other risk factors including if you smoke, your occupation, hobbies, lifestyle, etc.
The rate per thousand of insurance is multiplied by the amount of coverage you need to come up with the premium you pay for your life insurance.
In addition, you may be able to purchase life insurance on your spouse and/or children.
Learn more about taking out life insurance on yourself.