I want to make sure they have life insurance coverage to help pay for final expenses in case they pass away.
Yes, you can buy life insurance on your parents. One of the first requirements to buy life insurance on another person is that there must be an insurable interest between you and the person you want to insure.
This means, you rely on the person for financial support of some sort, or that you would suffer financially if the person were to die.
Insurable Interest does exist between spouses, siblings, parents and their children, family members, and business partners, among others.
Here's how to get life insurance on parents.