Usually, a life insurance company will require the following if you wish to buy life insurance on someone else:
- Insurable Interest
- Permission from the Person You Want to Insure
- Signature on the Application for Coverage of the Person You Want to Insure
If you are an adult child, you would have an insurable interest on your parents, and would be able to buy a life insurance policy on your parent with his/her permission and signature.
Here's how to buy life insurance on a parent.