You can purchase life insurance for your parents since you have an "insurable interest" in your parents.

Some of the more common reasons adult children buy life insurance on their parents are for estate preservation or to take care of final expenses foe your parents.

You can also be the premium-payer, and as the owner of the life insurance policy, you can choose who is the beneficiary, and change it at any time. Typically, death proceeds are paid out free from taxes and avoid probate.

Getting the best rates on this type of life insurance coverage is important.

However, depending on your parents' age and health, you may want to consider a simplified issue, no exam senior life insurance plan. You can apply online for life insurance policies for your parents in a matter of minutes.