Is it possible for me to buy life insurance on my parents?

Yes, you may be able to buy life insurance for your parent.

In order for one person to buy a life insurance policy on another person there must exist "Insurable Interest" in that person. This means you rely on the person for some financial support, or you would suffer financially if the person were to pass away.

Insurable Interest does exist between parents and their children so you can buy life insurance on your parents.

Many children may consider buying life insurance for their parents and the parents get older. You may want to insure their life in order to provide funds to pay for your parent's funeral and burial costs, or for some other reasons, such as, to provide funds for your child's college education.

Here is an article on How to Buy Life Insurance for a Parent that explains what you may need in order to purchase life insurance on your parents.