As parents, they have an insurable interest in their children, which is required in order to buy life insurance on someone else.
However, when a child reaches adulthood, the insurer may require the signature of the adult child on the application for life insurance, in order for the parent to buy life insurance on the adult child.
Many parents buy life insurance on their adult children to guarantee the payoff of a college loan, home loan, auto loan, or to provide protection for grandchildren because the adult child cannot afford life insurance.
Here's how to buy life insurance for your older child.