Yes, you can buy life insurance for yourself, and you may purchase a life insurance policy on your wife since you have an "Insurable Interest" in your wife.
There are two types of life insurance - Term and Permanent.
Term life offers the lowest prices and coverage for a period of up to 30 years.
Permanent life costs a lot more, builds cash value inside the policy, and provides lifetime protection.
Many married couples buy individual term life insurance policies for both spouses for a term of 15, 20 or 30 years so they have protection until there mortgage is paid off and the kids are grown up.
Learn more about finding affordable life insurance for married couples.