You wouldn't be responsible for any of your father's debts unless you wanted the asset that the debt is attached to.
In other words, if you want his house, but it has a mortgage loan attached to it, then you need to pay that off. Otherwise, you just let the lender come take the asset.
So, really you only need to prepare for burial expenses for your father. It otherwise, just matters if you want more than that when he passes away.
If he is healthy you may be able to find affordable coverage for him.
But, if he isn't halt, you may have to pursue guaranteed acceptance life insurance for him, which will cost a lot for a small amount of life insurance protection.
So, depending on his health, you may just want to start a savings plan among you and your siblings to help pay for your father's burial and funeral costs.
Here's how you can learn more about life insurance for people over 60 and compare life insurance rates and plans.