Yes, parents can purchase life insurance for their adult children because they have an insurable interest in their children. Insurable interest is required in anyone you want to insure.
Many parents buy life insurance for a number of different reasons including:
- To provide finds for their grandchildren should their adult child pass away,
- To guarantee their child's loan for college, or
- To pay for their child's final expenses.
Learn more about how to buy a life insurance policy on your adult child.