Usually, when a person buys life insurance they are purchasing a policy on an individual.
That is the most common way to buy life insurance - individual life insurance plans to cover only one person.
You may buy a policy on yourself, which is the most common type of life insurance purchased.
In addition, there are group term life insurance policies issued for only one year at a time where employers provide group coverage for their employees.
Also, there are survivorship life insurance plans that cover two people and pay out a death benefit upon the passing of both people.
Learn more about individual life insurance policies and how they work.