If something happens to either of my wife's parents or my parents, we won't have the money to pay for a funeral.
Is there an insurance company that offers a plan where a person can buy burial insurance for someone else?
It's going to depend on their age, if you can afford it, and if your parents give you consent to buy insurance on them. You can't do it without their consent.
Usually, permission is required and a signature on the application for insurance. And, your parents may need to answer some health questions and possibly take a physical exam to find out if they qualify for the insurance.
Here's how you can learn more about burial insurance and request a free quote online.