Yes, you can buy life insurance for them. The problem will be it can be pretty expensive. Depending on the coverage and the amount it can range from a few hundred to almost a thousand a month. You will have to decide if you want term or whole life. Most insurance companies will not cover people past the age of 70 years old. You will also have to take into account the health of your parents as the insurance companies will. They will require them to see their doctors and may request blood test and physicals to make sure your parents are insurable. There are companies that do specialist in elderly insurances like AARP. The amount you choose will also impact the premium. Some places will insure the elderly for $20,000 to $50,000 thousand for a low premium, sometimes under $100 a month. Keep in mind the insurance company is trying to make a profit off of your policy. Make sure you check the clauses in the contract so there are no surprises. You may have to do some shopping around but you may be able to find good coverage for your parents and your needs.