Either by renting or by owning . Renting life insurance is typically known as “term insurance” Term insurance is like a lease , it will provide coverage for a specific period of time . If the insured does not die within this “lease” period, then the Insured is evicted. The other way to possess a life insurance policy is what is called owning the life insurance . Owning life insurance like owning a house will build equity , and most importantly will allow for a policy to be on the insured for their entire lifetime.