Most life insurance carriers will allow you to purchase a life insurance policy for your elderly parents.
This is because you have an insurable interest in your parents, which means you may suffer a financial burden as a result of their death.
In addition, you may have more than one life insurance policy on yourself, as your life insurance needs may increase over time with increased financial responsibilities; such as, getting married, starting a family or buying a home.
Learn more about how many life insurance policies you can have