I've had to help my mom collect on several policies after my dad died. It's pretty straightforward and as long as you have the death certificate, the insurance company will pay out. Most of it only requires a phone call to the claims department, and they'll walk you through the process really nicely, since they understand that you are grieving. Actually the accidental death payout attached to the car insurance paid out the quickest. We used it to pay the credit cards on which my mom charged the funeral home expenses, purchasing the burial plot, the coffin, etc. It also covered flights for siblings to return immediately for the funeral, and additional costs of hosting family members (extra groceries, etc.) from out of town.
We're only in our 30s but both my husband and I have small whole life policies (around 300k) to cover funeral expenses with some left over to pay off any taxes and settle the estate. We purchased it when we were in our 20s because the premiums sky rocket as you get older. When you calculate total premium paid, it's actually lower if you buy when you're younger.
Then, if you have kids, buy term to cover the time when you have young kids in the house, enough so your spouse has the option of not working while caring for the children. Obviously, if you have no kids and no dependents, you don't need the term. Another thing to consider are people who might become your dependents if your parents pass away, such as a mentally disabled sibling who is currently supported by parents but whom your parents expect you to support should they pass away.
Critical illness insurance is also a good one to have for the duration of your working years, especially if you're the primary breadwinner. I know my parents' business suffered when my dad got cancer, and they really could have used the insurance money to pay their workers instead of drawing from their own stash to stem the losses.