The National Council of Life Insurance has produced an educational music video for high school students called "Your Life and Health: It's a Risky Business."

Lyrics of the video theme song, which is sung by Washington rock band Midlife Crisis, go something like this:

Life is a risky business,

Life is a game of chance,

Got to get it all together,

Guard against circumstance.

Gotta prepare, don't get by on a dare,

When trouble comes, you've gotta have a plan.

"We are turning something dry and technical into a more lively and interesting subject," said Iris Elfenbein, education program director for the council.

The video is only one of many educational tools that the council has put together to teach what Elfenbein calls "decision-making and life-coping skills" to high-school students. The council has produced a financial-planning tape that is used in community colleges and by the Army and Navy in financial courses. It also offers several computer programs on insurance that are used primarily in high-school math classes.

"There is a lack of knowledge in this country about insurance," Elfenbein said. "I hope the video not only helps the insurance industry but provides information and awareness for students and teachers."

In the video, high-school students play out their possible futures on a monopoly-like game board called Risky Business. Squares labeled "illness," "divorce," "accident," "death of breadwinner" and others allow the students to peer into their futures and see the troubles that lie ahead.

One young actress who smokes cigarettes lands on the illness square and sees herself with a doctor who is telling her she has cancer. She then is pictured holding a bill that she won't be able to pay because she doesn't have any health insurance.

The council used members of its staff and four local high-school students to act in the video, which was produced by Charles Barbour Communications in Arlington.

The council has written a teaching manual that covers the origin, types and other background information on insurance to be used in the classroom with the video. The manual supplies handouts, sample life-insurance policies and workshops for teachers who offer courses on decision-making and life-planning techniques. PROFESSIONAL

The board of directors of the former National Vocational Guidance Association has changed the group's name to reflect its purpose more clearly. The new name for the Alexandria group is the National Career Development Association, which it says better represents the group's members, who work both in schools and in the private sector. TRADE

Ralph S. Childs Jr., chairman and chief executive officer of Home Federal Savings and Loan Association of Washington, D.C., has returned to the presidency of the Metropolitan League of Savings Institutions. Childs held that post in 1978. He is a member of the board of directors and executive committee of the United States League of Savings Institutions.

The Distilled Spirits Council of the United States Inc. (Discus) has elected William A. Walker, president and chief executive officer of Bacardi Imports Inc., as its chairman. Discus is the trade association that represents the manufacturers and marketers of distilled spirits. For the past 18 months, Walker has headed the Discus public relations steering committee, which has introduced a new public relations campaign called "Liquor: Good Spirits, Good Sense." Walker described the campaign as a "heavily funded offensive" aimed at alcohol abuse that still will promote the "traditional enjoyment of spirits."

The Investment Partnership Association has relocated its offices to Washington, D.C, from New Jersey. The one-year-old trade association has 80 member companies, including investors in limited partnerships and syndicators raising capital for oil and gas, said Christopher L. Davis, its new president. Davis most recently was employed by the Washington law firm of Surrey and Morris. He also served in the White House during the Carter administration as special assistant to the president for congressional liaison.

Aspartame and other similar food ingredients will be researched by the newly formed International Food Information Council. The council was incorporated last December in Washington, D.C., to provide "credible" scientific information about the safety and health aspects of food ingredients, said Tom Stenzel, director of the new organization. Stenzel, who was formerly public relations director of the National Soft Drink Association, said his group will be underwritten by food and beverage companies and the manufacturers of food ingredients. OTHER

Lester P. Lamm, deputy administrator of the Federal Highway Administration, will leave government service on March 1 to become president of the Highway Users Federation. Lamm has worked with six secretaries of Transportation during his 13-year tenure at the highway administration. He is also the recipient of several awards for his work in highway transportation, including the Department of Transportation's Gold and Bronze awards. The federation is a coalition of 400 businesses and associations that promote improved highway transportation safety and efficiency.