Commercial endowment insurance, payment is divided into annual payment and batch payment, that is, annual premium payment and one-time payment (batch payment). Generally, men are 60 years old and women are 55 years old. There are also younger types of insurance that can be collected. Your parents are both 55 years old, so it may give people a feeling of "uneconomical" to pay what should be paid immediately. You can consult life insurance companies, and they all have this kind of pension products.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.