Albert Pike Jr., 68, retired vice president and chief actuary of the former American Life Insurance Association, died Wednesday at Georgetown University Hospital after a heart attack.

He came to Washington in 1973, when the association, now the American Council of Life Insurance, was formed by a merger. He retired a year later and had worked as a consultant since then.

Earlier, Mr. Pike had been with the Life Insurance Association of America and the Association of Life Insurance Presidents in New York City. He had started his career with the Prudential Insurance Co. in Newark, N.J., in 1931.

Mr. Pike helped shape many state laws and regulations governing group life insurance programs. He also helped coordinate health insurance programs among industry groups.

He was a member of the Academy of Actuaries and the Society of Actuaries.

Born in Tarboro, N.C., Mr. Pike was a graduate of Princeton University.

He is survived by his wife, Katherine M., of the homes in Washington and San Diego, Calif.; two sons, Albert Pike III, of Potomac, and William Herron Pike, of Upper Montclair, N.J.: two daughters, Mrs. Ray L. Short Jr., of Chicago, and Mary Hamilton Disston, of Upper Montclair; two brothers, Henry, of McLean, and Philips, of Charleston, S.C., and 10 grandchildren.

The family suggests that expressions of sympathy may be in the form of contributions to the Memorial Fund of St. John's Episcopal Chuch, Lafayette Square.