Usually, the parent participates
FSRA notes that Ontarians can purchase life insurance covering a family member. In practice, the insured parent normally knows about the application, answers health questions and authorizes underwriting.
The applicant, policy owner, premium payer, insured person and beneficiary can be different roles. Decide them deliberately rather than assuming the person who pays should control everything.
Start with the financial impact
A valid purpose might be final expenses, a debt, caregiving costs, lost financial support or estate liquidity. The amount should connect to that impact rather than treating a parent’s life as an investment opportunity.
Age and health can make new coverage expensive or unavailable. Existing savings, an existing policy or a smaller final-expense amount may be sufficient.
Coordinate the family decision
Discuss who pays, who owns the policy, who receives the benefit and what happens if premiums become unaffordable. Ownership can also affect control over beneficiary changes and access to policy values.
For estate, tax or family-law consequences, coordinate with the appropriate legal or tax professional before finalizing ownership.
Official sources
This is general educational content, not a recommendation of a product or amount for a particular person. The answer changes with the contract, need, finances and health.