They are not young and not in the best of health. Can I get burial insurance for them to protect myself and pay for it each month myself? Or, do they have to get it for themselves?
Yes, you can buy burial insurance for your parents and be the owner of the policy. That means, you pay the premiums and you choose the beneficiary, which would be you, in case they die, you receive the death benefit from the life insurance policy.
Since you are their child, you have an insurable interest in both of your parents, since you stand to lose financially if they die, you would end up paying for the burials.
You can purchase burial insurance on both of your parents. There may be some questions to answer regarding their health, but you can get a quote and apply for coverage on your parents. Here's how you can get started and request free quotes for burial insurance on your parents.