This depends on the life insurance company.You see, there has to be an “insurable interest” between the person paying for the policy and the person whose life is insured.In plain English, this means the person paying for the policy has to suffer a financial loss on the death of the insured person.Normally an adult won’t suffer a financial loss on the death of a parent so there is no insurable interest.But some insurers will allow you to pay for your parent’s policy if you intend to use the proceeds to pay for a funeral.Otherwise, the premium has to come from your parent’s bank account.If you want to pay for the policy, you could transfer up to €3k tax-free to your parent’s bank account using the Small Gift Exemption.