Can I buy life Insurance for my parents? Yes. if you are an adult, you may purchase life insurance on your Parent or parents. Many adult children choose to purchase life insurance on their parents so there are funds available to pay for the final expenses for their parents. And, even if your parents have pre-existing health issues, they can get insured with guaranteed issue life insurance coverage. You can purchase life insurance on your parents, pay the premiums, and name yourself as the beneficiary of the life insurance plans.