Is it possible to purchase a life insurance policy on another person.

Yes, actually it happens more often than you might expect.

Many adult children buy life insurance on their elderly parents to provide money to pay for their parent's final expenses.

In addition, spouses buy life insurance on each other to replace the other's income for the family.

If you have an insurable interest in someone else, you may be able to purchase life insurance on that person.

To learn more, read this article: Can I Buy Life Insurance on Someone Else?