Yes, you can buy life insurance on your parents to pay for their funeral and final expenses.
In order to buy life insurance on someone else there must exist an insurable interest between you and the person you want to buy life insurance on.
That means, you either rely on them for financial support, or stand to lose financially if they die.
There does exist insurable interest between parents and their children, so you can buy life insurance on your folks.
In order to do so you will need their permission, signature on the application, and they may need to answer some health questions.
There are several life insurance companies that offer life insurance for people over 50, including Globe Life, Colonial Penn, Mutual of Omaha, and AARP/NewYork Life, among others.
You can contact a local licensed independent life insurance agent in your area to assist you in finding affordable life insurance coverage for your parents.
Or, you could visit a website that offers life insurance coverage for seniors.
For instance, Globe Life Insurance offers people age 78 and under up to $50,000 of simplified issue life insurance without any health exam required, just a few Yes/No health questions to answer. You can get an instant quote and apply online for a life insurance policy in about five minutes.
If you are going to own the life insurance policies and paying the premiums for the life insurance, make sure you name yourself as the beneficiary of the life insurance plans on your parents.