Yes, you can take out a life insurance on your father if your father consents to it and if the amount is considered financially justifiable. Your father will need to sign the application as the Insured even if you own the policy.
If he owns the policy, he can get as much life insurance as his income supports. If you own the policy, you can get as much as is needed for his final expenses. If you want to purchase more than that on your father, you will most likely need to show that you receive some financial support from your father that would be lost if he were to pass, or that you contribute to his support and would get some of that back through life insurance.
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If he owns the policy, he can get as much life insurance as his income supports. If you own the policy, you can get as much as is needed for his final expenses. If you want to purchase more than that on your father, you will most likely need to show that you receive some financial support from your father that would be lost if he were to pass, or that you contribute to his support and would get some of that back through life insurance.