Can I Insure My Parents Life. A person has an insurable interest in the life of another if the loss of that person would cause that financial loss or certain other kinds of losses. If you want to purchase a life insurance policy on the life of a parent, they'll have to know you're doing so.
You can purchase life insurance for your parents as long as there is an insurable interest (e.g. To learn more about claiming dependents, check out. One such reason is that our application process requires that the person being insured completes the application themselves.